Irvine-based Allergan Inc.’s $3.2 billion takeover bid for Inamed Corp. moved closer to closing after Scottsdale-based Medicis Pharmaceutical Corp. bowed out of the bidding and Inamed’s directors approved Allergan’s offer. Medicis had offered $2.5 billion for Inamed, which makes dermatology products, breast implants and weight-loss aids. Allergan said it hopes to wrap up the deal in the first quarter Aliso Viejo-based Buy.com Inc. priced the sale of 4.2 million shares at $8 each, down from a projected range of $11 to $13. Shares of the company were expected to start trading as early as Friday afternoon. The Internet retailer is set to raise $33 million in the offering Costa Mesa-based Experian Information Solutions Inc. paid about $485 million for Los Angeles-based comparison shopping Web site operator PriceGrabber.com LLC. Experian, one of the three large global credit ratings agencies, bought as part of its growing focus on targeting consumers on the Internet.
Santa Ana-based Troy Group Inc. said it agreed to sell its wireless and connectivity unit to Salt Lake City-based Silex Technology America Inc. for $10 million. The unit posted revenue of $8.8 million in the first three quarters of 2005. The sale is expected to close in the first quarter Some buyers of Gateway Inc.’s plasma TVs filed a class-action lawsuit against the Irvine-based company. They allege the TVs had defective parts. Meanwhile, Gateway named Quincy L. Allen, president of Xerox Corp.’s Production Systems Group, as a director. Allen joins the board Jan. 1 Irvine-based Comarco Inc. said it won a $4.1 million contract to upgrade 1,900 call boxes in the Bay area Aliso Viejo-based XsunX Inc. said it raised $5 million by selling convertible bonds to Cornell Capital Partners LP.
State and federal regulators are investigating UCI Medical Center to determine whether it meets federal guidelines. The inspection follows the shuttering of the hospital’s liver transplant program after it lost certification from the federal Centers for Medicare & Medicaid Services. A report on the hospital could be completed by early next month Lake Forest-based Cooper Cos. said costs from its $1.2 billion buy of Ocular Sciences hurt profits in the quarter ended Oct. 31. Cooper, which makes contact lenses and women’s surgical gear, said its quarterly profit, including charges, was $10.3 million, down from $28.7 million a year ago. The company’s operating profit minus restructuring charges and other one-time costs was $34.3 million, compared to about $33 million a year ago. Cooper’s quarterly sales were $221.4 million, up 69% from a year ago Irvine-based Edwards Lifesciences Corp. named Thomas Abate as its chief financial officer and treasurer. Corinne Lyle, who had held the financial chief position, is moving to a newly created position of president, global operations. The changes are set to take effect Jan. 1. Abate is Edwards’ corporate vice president and controller.
The Sierra Club filed suit against Orange, alleging its environmental impact report for The Irvine Company’s 4,000-home development set for an area east of the city was faulty Orange-based Ameriquest Mortgage Co. reportedly plans to pay $325 million to settle state charges over its lending practices Santa Ana-based First American Corp. said it plans to buy privately held TransContinental Title Co. for undisclosed terms. The acquisition of Clearwater, Fla.-based Trans-Continental must be approved by regulators and is expected to close in February Seal Beach City Council approved Panattoni Development Co.’s plan to build a 110-room Hampton Inn and Suites and other retail operations next year Bill Gaboury said he’s set to step down next month as chief executive of Aliso Viejo-based Shea Properties, a unit of Walnut’s J.F. Shea Co. Colm Macken is set to take over running the commercial unit.
Gov. Arnold Schwarzenegger set an April 11 primary and a June 6 election to fill Republican John Campbell’s former state senate seat. Campbell won a race for Christopher Cox’s former seat in the House of Representative. Cox heads the Securities and Exchange Commission Laguna Beach approved raising its sales tax to 8.25% from 7.75% for six years starting July 1. The city will use the additional funds to fix the Bluebird Canyon slide area and for future disasters.
Santa Ana-based Corinthian Colleges Inc. opened a Bryman Institute in South Plainfield, N.J. Corinthian hopes to have 400 students in two years. The school is set to offer medical assisting and medical insurance billing classes Diedrich Coffee Inc. said that Roger M. Laverty resigned as chief executive. Stephen V. Coffey was named at his replacement at the coffee house chain … Huntington Beach surfwear maker Quiksilver Inc. said sales jumped 82% to $637 million in the three months ended Oct. 31, compared to a year earlier. Net income rose 35% to $34 million in the quarter. The company said sales from its buy of Skis Rossignol and its Cleveland Golf unit were $214 million during the quarter … Japan’s Mitsubishi Motors Corp. named Hiroshi Harunari co-chief executive of its Cypress-based Mitsubishi Motors North America Inc. unit. Co-chief executive Richard Gilligan has headed the unit since the beginning of the year.
ECONOMIC INDICATORS
Mixed: Orange County’s housing picture in November, with the median price of a home or condominium sold up 13.8% to $616,000, versus a year earlier, but the number of sales off 1.6% to 3,503, according to La Jolla-based market tracker DataQuick Information Systems.
