EXECUTIVE SUMMARY
Compiled by Mike Mason
TOP STORY
Ralph Cicerone, chancellor of the University of California, Irvine, plans to leave his post at the end of the next school year. He is expected to become president of the National Academy of Sciences in Washington, D.C., the leading society of scientists in the U.S. … Lincolnshire, Ill.-based Hewitt Associates Inc. offered about $690 million in stock for Irvine-based Exult Inc. Hewitt’s offer was a 5% premium to Exult’s price at the time of the offer, though Exult shares fell more than 5% on the news. Hewitt shares were 13% lower to after the deal was detailed. Exult, a human resources outsourcing company, has about 2,500 workers. Shareholders are set to vote on the deal in the fall … Tustin-based Mimi’s Cafe Inc. said it agreed to be bought by Columbus, Ohio-based Bob Evans Farms Inc. for $182 million: $103.3 million in cash and the assumption of $78.7 million of Mimi’s debt. Mimi’s had planned a $75 million initial public offering of stock before the buyout by Bob Evans, a maker of sausages and restaurant operator. The deal is expected to close in July … Santa Ana-based Triple Net Properties LLC paid $275 million for three high-rise office towers in San Diego from Southwest Value Partners.
TECHNOLOGY
Irvine-based chipmaker Broadcom Corp. agreed to pay Plano, Texas-based Microtune Inc. $22.5 million to settle patent-related suits for technology in cable modem tuners. The companies agreed to cross-license technology as part of the settlement. Separately, Broadcom said it plans to buy San Diego-based wireless phone chip designer Zyray Wireless Inc. for about $98 million in stock … Newport Beach-based Acacia Research Corp. filed patent infringement suits against nine cable and satellite companies, including Comcast Corp., Charter Communica-tions Inc., The DirectTV Group Inc. and Echostar Communications Corp. The suit alleges the broadcasters are violating its patent on transmitting and receiving digital media. Acacia has signed licensing deals with 123 companies, including Walt Disney Co. … Irvine-based Interplay Entertainment Corp. left its Irvine headquarters after landlord Arden Realty sued the game maker for not paying rent. The company said it still plans to get funding to pay employees back wages … Santa Ana-based SimpleTech Inc. said it closed its Xiran unit, which was working on technology to transfer data via the Internet between networked computers. Xiran had 60 workers, though SimpleTech declined to say how many people it was laying off. SimpleTech cut its sales forecast for the second quarter to around $53 million, down from a prior estimate of $66 million … Garden Grove-based DPAC Technologies Corp. sold memory stacking patents to Austin, Texas-based Staktek Group LP for an undisclosed sum.
HEALTHCARE
Irvine-based Allergan Inc. won a $1.5 million trademark suit against Los Angeles-based Mira Life Group Inc., which had been selling an antiwrinkle cream called MiraBotex. Allergan said the name of Mira’s product was too similar to that of its Botox drug … San Clemente-based ICU Medical Inc. filed a patent action against San Diego-based Alaris Medical Systems Inc. ICU seeks a temporary restraining order, injunctions, damages, attorney’s fees, costs and expenses.
REAL ESTATE
Santa Ana Planning Commission OK’d developer Michael Harrah’s proposed 37-story office tower, providing Harrah lines up tenants for at least half of the building, called One Broadway Plaza. The plan is set to go before the City Council on July 6. Harrah said his Santa Ana-based company, Caribou Industries Inc., would spend $12.7 million to ease traffic stemming from the project … Costa Mesa-based Meyers Real Estate Information Inc. was bought by Washington, D.C.-based HanleyWood LLC, a unit of private equity firm VS & A; Communications Partners III LP, for undisclosed terms. Meyers founder Jeffrey Meyers will continue to run the operation. Meanwhile, Meyers said it bought Dallas-based Excel Enterprises for an undisclosed amount.
FINANCE
Cole Bartiromo was sentenced to 33 months in jail and ordered to pay $20,000 for his part in a scheme to defraud a Mission Viejo Wells Fargo & Co. branch of $400,000. Bartiromo, 19, paid $1.2 million to settle a Securities and Exchange Commission case relating to his “Invest Better 2001” investing scheme in 2002.
WHAT ELSE IS NEWS
Peter Ueberroth was named chairman of the U.S. Olympic Committee board of directors in Colorado Springs, Colo. Ueberroth, who ran for California governor in last year’s recall race, headed the 1984 Los Angeles Olympic Games. He is managing director of Newport Beach-based Contrarian Group Inc.
ECONOMIC INDICATORS
Up: Orange County’s jobs picture in May, with nonfarm payroll up 0.3% to 1,431,600, versus a year earlier, and the unemployment rate at 3.2%, down from 3.6% last year.
Mixed: The county’s housing picture in May, with a 36% jump in the median price of homes sold to $543,000, versus a year earlier, but an 8% dip in the number of homes sold to 4,386, according to DataQuick Information Systems. Meanwhile, housing affordability hit a 16-year low in April, with 13% of OC residents able to afford a median-priced home, according to the California Association of Realtors.
