Finance
Irvine-based Banc of California Inc. is moving the listing of its common stock from the Nasdaq to the New York Stock Exchange. The change is expected to take effect this week when Chief Executive Steven Sugarman will ring the NYSE opening bell. Shares of the bank’s common stock, which has market capitalization of about $203 million, will continue to trade under the ticker BANC.
Loreen Gilbert, president of WealthWise Financial Services in Irvine, was appointed to a two-year term on the board of directors of the National Association of Women Business Owners. She’ll serve as an at-large member when her terms starts in July.
Healthcare
Valeant Pharmaceuticals International Inc. should raise its unsolicited offer to buy Irvine-based Allergan Inc. to roughly $53.5 billion to $59.5 billion or $180 to $200 a share, according to an investor survey by JP Morgan. Canada-based Valeant originally offered some $47 billion for Allergan in late April. Allergan rejected that offer May 12, saying it undervalued the company. Valeant is scheduled to raise its offer for Allergan on May 28 and hold a Webcast. (See related story, page 1)
Orange and Santa Clara counties sued the five biggest opioid drug makers, saying they brought about an epidemic of pain-killer addiction by pushing the drugs to treat pain when they were instead meant for cancer patients’ temporary use. The counties sued Endo Health Solutions Inc., Johnson & Johnson’s Janssen Pharmaceuticals, Purdue Pharma, Teva Pharmaceutical Industries’ Cephalon Inc., and Actavis PLC.
Advanced Sterilization Products in Irvine was penalized $136,800 for selling and distributing products without registering them with the federal Environmental Protection Agency. The company, which no longer sells the products in question, agreed to pay the penalty.
Hospitality
The expansion of the Ritz-Carlton resort in Dana Point got the go-ahead from the city council when it upheld a planning commission vote allowing the project. A neighbor had appealed the commission’s approval, putting the matter before the city council, which put noise-control conditions on the project. The California Coastal Commission must still sign off on the permit for the expansion.
Manufacturing
Shares of Irvine-based CannaBusiness Group Inc. resumed trading after a 10-day suspension imposed by the Securities and Exchange Commission, which expressed concern about whether available company information was accurate and adequate. CannaBusiness is one of five marijuana-related companies whose stock the SEC has suspended trading on this year.
Nonprofits
The Orange County Museum of Art named Todd DeShields Smith chief executive and director of the museum, beginning Aug. 4. He has also served museums in Charleston, S.C., Knoxville, Tenn., Fargo, N.D., and Charlotte, N.C.
Real Estate
Newport Beach-based bond investor Pacific Investment Management Co. pegged May 27 as the official date for moving into its new headquarters building a few blocks away from its current home in Newport Center. It will be the only tenant at 650 Newport Center Drive, a 380,000-square-foot building built by Newport Beach-based developer Irvine Company. Pimco, headed by cofounder and Chief Investment Officer Bill Gross, manages more than $1.9 trillion in assets.
Irvine-based R.D. Olson Construction named Bill Wilhelm president. He was most recently executive vice president for the company and takes on the new role as it grows its business in hotels, healthcare and multiunit projects. Founder Bob Olson remains chief executive of R.D. Olson Construction and R.D. Olson Development (see related OC Insider item, page 3).
Restaurants
Irvine-based Taco Bell Corp. designated President Brian Niccol for the chief executive’s job of the fast food chain. Niccol will succeed current Chief Executive Greg Creed, who is set to become head of Taco Bell’s parent Yum! Brands Inc. of Louisville, Ky. at the start of next year. Niccol assumes responsibility of a chain that totals more than 6,000 restaurants in the U.S. and that plans to about double revenue over the next decade and open about 2,000 restaurants. Taco Bell had about $7.8 billion in sales last year.
Transportation
Travelers won’t have access to ticketless parking at John Wayne Airport through June. Meanwhile, entry to some parking structures may be closed at times from June 6 to June 8. During the closures, other parking structures will have usual access to receive travelers.
