Compiled by Pat Maio
TOP STORIES
EMachines Inc. founder Lap Shun “John” Hui offered $450 million to buy Irvine-based Gateway Inc.’s business selling computers through stores. In 2004, Hui sold low-cost PC maker eMachines to Gateway for $290 million. The China-born Orange County businessman said he first approached Gateway with his proposal in early August. Hui said he also would consider buying all of Gateway and separating the retail businesses himself. Gateway said its board is set to review Hui’s bid. Meanwhile, an investor group led by Harbinger Capital Partners Master Fund I Ltd., a Cayman Islands-based fund that’s affiliated with Birmingham, Ala.-based Harbert Management Corp., said it took a 10.2% stake in Gateway. It sent a letter to the computer maker, offering “assistance” with improving the troubled company.
Directors of Anaheim-based electronics maker Multi-Fineline Electronix Inc., known as M-Flex, said they took steps to nix its proposed $500 million acquisition of Singapore’s MFS Technology Ltd. Both M-Flex and MFS are owned by Singapore’s WBL Corp., which holds about two-thirds of M-Flex. Shares of M-Flex have slumped sharply this year.
Washington Mutual Inc. said regulators approved the acquisition of Irvine, Calif.-based Commercial Capital Bancorp Inc. The approval comes from the Office of Thrift Supervision and follows shareholder approval of the $983 million buyout. The sale, which was announced in April, is expected to close Oct. 1.
Gov. Arnold Schwarzenegger and state lawmakers agreed to hike the state’s minimum wage by $1.25 to $8 an hour. Workers are set to receive a 75-cent increase Jan. 1 and an additional 50 cents a year later.
Cypress-based Real Mex Restaurants Inc., which operates the Chevys and El Torito chains, was bought by a unit of Boca Raton, Fla.-based buyout firm Sun Capital Partners Inc. for $359 million. Real Mex operates 196 company-owned restaurants in 13 states and 50 franchised locations in the U.S. and other countries.
Costa Mesa-based Ceradyne Inc., which makes ceramic armor, received a warning from Nasdaq that it might be delisted. Ceradyne, which earlier this month launched a review of its option grants back to 1997, hasn’t filed its quarterly report for the period ended June 30.
Newport Beach-based Collectors Universe Inc. bought American Gemological Laboratories for $3.5 million in cash, plus possible additional performance-based payments up to $3.5 million during the next five years.
Memphis-based Restaurant Co., which bought Marie Callender Pie Shops Inc. in Aliso Viejo earlier this year, said it changed its name to reflect the company’s 500 Perkins restaurants. The new name of the restaurant chain: Perkins & Marie Callender’s Inc. Together, they have 618 eateries. New York-based private equity firm Castle Harlan Inc. controls both companies through funds it manages.
Los Angeles-based Psomas said it plans to buy Laguna Hills-based Daniel Boyle Engineering Inc. Terms of the deal, which is expected to close in October, weren’t disclosed. Daniel Boyle Engineering, which has 20 workers, is set to operate as DBE Psomas.
ECONOMIC INDICATORS
Mixed: Orange County’s housing picture in July, with the median price of detached homes sold at $710,920, down 2% from June but up 0.6% from a year earlier, according to the California Association of Realtors. The number of home sales was down 13% from June and off 33% from a year earlier.
