Business Briefs

Reported by Star-Bulletin staff & wire

Friday, August 20, 1999

Cheap Tickets prices stock issue at $38

Cheap Tickets Inc.'s sale of 5 million additional shares to the public was priced at $38, according to the company's filing today with the Securities and Exchange Commission.

The Honolulu-based seller of discounted airline tickets is selling about 2.5 million shares, raising about $95 million, while private shareholders are selling the remaining 2.5 million. Those private holders include company founder and Michael Hartley and his wife Sandra who are selling 1.9 million of the 13.4 million shares they own, for a $45 million gain. Also to gain nearly $45 million are Texas investors Donald T. Phillips and Cece Smith, who are selling 1.18 million of their 2.96 million shares.

Cheap Tickets' shares, traded on the Nasdaq, closed at $40.87.

Phelps Dodge bids for 2 copper firms

PHOENIX -- Phelps Dodge Corp., moving to create the world's biggest copper producer, raised its offer for Cyprus Amax Minerals Co. and Asarco Inc. to $2.66 billion in stock after the companies rejected a lower bid. Phelps is offering premiums of about 30 percent for Cyprus Amax and Asarco, which agreed last month to a $2.2 billion merger that would form the No. 2 producer. If they refuse to enter talks, Phelps said, it will take "all necessary steps" to acquire them, Bloomberg News reported.

T.G.I. Friday's parent offers stock to public

WASHINGTON -- Carlson Companies Inc. filed to sell stock in its Carlson Restaurants Worldwide Inc. unit, whose brands include the T.G.I. Fridays restaurants.

Carlson Restaurants, based in Dallas, filed with the Securities and Exchange Commission to sell as much as $145 million of Class A stock that will have less voting power than the Class B stock to be retained by Minneapolis-based Carlson Companies, Bloomberg News reported. Carlson Restaurants' businesses had revenue of almost $600 million last year, about 3 percent of total revenue at parent Carlson, which with $21.7 billion in 1998 sales is one of the largest private U.S. companies.

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