Friday, October 13, 2000
Tristate Business Summary
Drypers files for bankruptcy
Disposable diaper maker Drypers Corp., based in Houston, filed for bankruptcy protection after years of struggling to maintain a foothold in the industry.
The filing this week came weeks after the Houston company revealed that it owed millions to a competitor, Procter & Gamble Co., for the right to use patents for super absorbent, leak resistant diapers.
Cincinnati-based P&G sued Drypers Sept. 29, saying it was owed $4.1 million for the use of its technology.
The Chapter 11 filing will allow Drypers to continue to use patents from P&G, which makes Pampers and Luvs diapers.
Supplier lands Iowa Lottery deal
Interlott Technologies Inc., the lottery machine supplier based in Mason, has won a contract from the Iowa Lottery for the lease and maintenance of instant-ticket machines that includes the first contract for its new expandable dispensing system.
Interlott has been supplying the Iowa Lottery with machines since 1994. The four-year contract, which calls for deploying 430 machines by next June, includes two one-year options.
Retailer rebuys millions of shares
Elder-Beerman Stores Corp. announced results of a stock repurchase program started in September, saying it expects to acquire more than 3.46 million shares at $5 each.
According to a final count of its Dutch auction, Elder-Beerman also expects to purchase 23.2 percent of all outstanding shares. Shares tendered at prices higher than $5 each will be returned.
After completion of the offer, Elder-Beerman will have 11,437,326 shares of common stock outstanding. Elder-Beerman started a tender offer Sept. 8 to purchase the stock between $4.50 and $6 a share. In a Dutch auction, shareholders submit prices at which they are willing to sell; the purchase price becomes that at which the company can acquire all the shares it wants.
— From staff and wire reports
Hasbro exits home of Play-Doh, G.I. Joe
Fear fuels Dow's dive
Housing district envisioned
Mall adds bargain retailer
Edgecliff faces competitor in bid for hotel chain
Robotic 'pets' unveiled
Business Digest
Europeans likely to block merger of Vivendi, Seagram
FCC blocks limits on phone access for building tenants
Industry notes: Manufacturing
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