Wednesday, April 21, 1999
TRISTATE BUSINESS SUMMARY
Convergys defends offer for Wiztec
Convergys Corp., which holds its first shareholders meeting today at the Cincinnati Museum Center, has defended the price of its tender offer for Wiztec Solutions Ltd. as “very fair,” a spokesman said Tuesday.
Some Wiztec shareholders have complained that Convergys' offer of $18.30 a share for the almost 2 million shares it doesn't already own doesn't reflect the company's growth potential.
But Convergys spokesman John Pratt said the tender offer, set to expire next Wednesday, represents a 10 percent premium over Wiztec's share price March 25 when the offer was announced and a 20 percent premium over the $15.25 a share Convergys paid in early March to acquire 50 percent of the software company.
Cinergy looking to replace Indiana chief
Cinergy Corp. is searching for a new president for its PSI Energy subsidiary in Indiana in the wake of the retirement of John M. Mutz, 63.
Mr. Mutz, Indiana lieutenant governor from 1980 to 1988, plans to retire May 31 as president. He has been named vice chairman of PSI and will continue to advise the company on public policy.
Mr. Mutz joined PSI as president in October 1993, shortly before its merger with Cincinnati Gas & Electric to form Cinergy.
In another move, Richard J. Smith has been named president of Cinergy Resources Inc., the nonregulated retail marketer of natural gas and part of Cinergy Investments Inc., the nonregulated business of Cinergy Corp.
Formerly vice president of energy services, Mr. Smith, of Anderson Township, was chief financial officer for the energy services business unit. He joined PSI Energy in 1975.
Cincinnati Bell, union mum on contract talks
A news blackout has been imposed on contract negotiations between Cincinnati Bell and 2,000 technicians and operators represented by the Communications Workers of America.
The current contracts between Cincinnati Bell and CWA Local 4400, which represents about 1,250 technicians, and CWA Local 4401, which represents operators, expire May 8.
In a member survey before the start of bargaining at the end of March, Local 4400 members listed job security and modifications in the cash balance pension plan as top priorities in the bargaining, said Tim Donoghue, union secretary-treasurer.
Phone company says service can reduce bills
Cincinnati Bell this week said it is introducing an Integrated Advantage plan that consolidates voice, data, Internet and long distance service into a single bill for businesses.
The company said some customers can save more than 10 percent with Integrated Advantage over their current noncentralized network costs. The single-source bundle reduced operating expenses by not having to maintain separate voice and data networks, Bell said.
SDRC unveils software for mechanical design
Structural Dynamics Research Corp., the Clermont County developer of mechanical design automation software, has announced new software that permits mechanical design collaboration on the World Wide Web.
Called I-DEAS Web Access, the product integrates SDRC's I-DEAS design software and its product data management software to permit information exchange through an extended team of users with different data access and user requirements.
Ohio bankers prepare for Y2K
Ford hitches up with Ky. Speedway
Northlich Stolley LaWarre on 100 list
Daughters day includes breakfast
Elder-Beerman says earnings, outlook up
TRISTATE BUSINESS SUMMARY
INDUSTRY NOTES: MEDIA & MARKETING
TRISTATE MARKET SPOTLIGHT
