Honolulu Star-Bulletin Local News
Business Briefs

Reported by Star-Bulletin staff & wire

Friday, October 11, 1996

Tanaka, Royal Hawaiian
win minority awards

Two Honolulu businesses won awards this week in Minority Enterprise Development Week, an annual recognition of minority-owned businesses by the Honolulu Minority Business Development Center and the U.S. Small Business Administration.

Tanaka of Tokyo, operator of three Waikiki restaurants, won the Minority Service Firm of the Year award for Hawaii.

Royal Hawaiian Creations, a manufacturer and wholesaler of Hawaiian wear, was chosen as Minority Manufacturer of the Year.


Funeral company rejects hostile bid

VANCOUVER, British Columbia - Loewen Group Inc. said its board unanimously rejected Service Corp. International's sweetened $2.9 billion hostile takeover bid.

Service, North America's biggest operator of funeral homes and cemeteries, last week offered $45 a share in stock for Loewen, its closest competitor. Loewen previously rejected a $43 a share offer.

Loewen said the "anti-competitive effects" of the deal raised regulatory scrutiny in Canada and several states, including Hawaii, New York, and California. A merger of the two companies would result in single ownership of 31 percent of Hawaii's funeral business.


Sabre's stock offering nets $545 million

NEW YORK - Sabre Group Holdings Inc. said today it sold 20.2 million shares for $545 million, or $27 a share, in an initial public offering of stock.

The company, the computerized reservation system of American Airlines, had expected the shares to be offered at $20 to $23 each. The shares opened today at $33 each on the New York Stock Exchange, and closed at $31.75.


For more local, national and international business news,
see the Hawaii Inc. section in today's Honolulu Star-Bulletin.



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