TECHNOLOGY
Universal Electronics Inc.’s bid to buy San Jose-based chipmaker Zilog Inc. was rejected after Zilog’s board turned down the unsolicited offer. Cypress-based Universal Electronics, which makes remote controls for home electronics, initially sent a letter to Zilog’s chairman with details of the buyout offer in mid-January. Universal Electronics, which had a recent market value of about $340 million, was set to offer $4.50 a share for Zilog, or about $76 million. That’s about 70% more than what Zilog’s shares closed at the day before the offer was disclosed.
HEALTHCARE
Beckman Coulter Inc. reported a fourth-quarter profit before charges that beat Wall Street’s expectations. The Fullerton maker of medical testing equipment and supplies earned $67.8 million in the quarter, topping Wall Street’s expected $64.6 million. Sales were up 11% to $789 million, also ahead of expectations. Separately, Beckman said Chief Executive Scott Garrett will take on the chairman’s title, effective April 24.
The Food and Drug Administration said it will review the safety of Irvine-based Allergan Inc.’s Botox and a competing product after reports of deaths and serious reactions in some patients.
Irvine-based heart valve maker Edwards Lifesciences Corp. reported a fourth-quarter profit before charges that beat Wall Street’s expectations, though it was basically flat from a year earlier. Edwards earned $33.7 million in the quarter, excluding charges, up about 2%. Revenue was up 10.3% to $293 million. Analysts expected Edwards to make $30.1 million on sales of $280.1 million in the quarter. Edwards’ net profit after charges related to a product selloff was down 24% to $15.8 million.
REAL ESTATE
The Anaheim City Council voted to raise property taxes for Platinum Triangle property owners. The taxes would be levied on new development and go to pay for roads and utilities.
A group is dropping plans for a ballot initiative that would have required voter approval of a third Walt Disney Co. theme park in Anaheim. Diane Singer, chair of the Committee to Defend and Protect Anaheim, said the group lacks the money and expected backing from Irvine-based developer SunCal Cos. and others. SunCal had planned to build homes near the land, which Disney opposed.
Standard Pacific Corp.’s fourth-quarter loss widened as the California housing market worsened, forcing write-downs on land that is losing value, the homebuilder said. The company posted a loss of $440.9 million after losing $98.4 million in the year-ago period. The latest quarter included $433.5 million in charges to lower the value of land and deposits, and $180.5 million related to taxes. Deliveries dropped 23% and new orders for homes fell 11%.
APPAREL
Wet Seal Inc. said Greg Gemette, president of merchandise for Arden B, has resigned from the company, effective immediately, for personal reasons. The company also announced it hired Sharon Hughes as chief merchandise officer for Arden B., Wet Seal’s struggling clothing chain for young women.
FINANCE
Fremont General Corp. moved its headquarters from Santa Monica to Brea. The former subprime mortgage lender, now being headed by Chief Executive Stephen Gordon, has been struggling with bad loans. Last year the company lost $200 million from its faulty subprime business. Fremont counts about 3,500 employees, with about 850 in the county. It’s not known how many employees will shift in the headquarters move.
OTHER NEWS
The state Coastal Commission denied approval of extending the Foothill South (241) Toll Road, delivering what could be the project’s fatal blow. The 8-2 decision came after a 14-hour hearing at the Del Mar Fairgrounds. The supporters of the extension have filed an appeal.
