LION FOR SALE
Legendary movie studio Metro-Goldwyn-Mayer put itself on the auction block with an all-stock asking price of $7 billion (the company is currently valued at $5 billion). The Los Angeles-based studio hired Goldman Sachs to talk with potential buyers. MGM offers one of the most attractive balance sheets in Hollywood and has a classic library of 4,100 films, including the James Bond and Rocky series.
HOAGIES TO GO
The majority of shareholders in sandwich chain Blimpie International, Inc., New York City, approved the company's sale to a private investor group for $25.8 million. Blimpie will be delisted from the American Stock Exchange following the deal's closing.
FULL STEAM AHEAD
Los Angeles-based P&O Princess Cruises rebuffed a $5 billion takeover bid from Carnival Cruise Lines, Miami, saying it will stay the course on its planned merger with Royal Caribbean Cruises, also Miami (February PROMO). The Princess-Royal Caribbean deal creates a $6 billion giant with 41 ships and 75,000 berths, knocking Carnival from the industry lead.
SHAPING UP
Private investor group ACI Capital Co., Inc., New York City, will purchase embattled weight loss empire Jenny Craig, La Jolla, CA, for $115 million in cash. Founders Sid and Jenny Craig are part of the acquisition group, and current management will remain in place, joined by former Weight Watchers ceo Kent Kreh as chairman.
GREAT WHITE ELEPHANT
Calgary-based Willow Creek Exploration bought Canadian distributor Promotional Products International, Ltd., then assumed the name of its new operation. The company's stated mission is to consolidate the Canadian promotional products industry through acquisition.
