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Banks dispute poison pill point
One day after threatening to activate a poison pill, CB Bancshares Inc. delivered a letter to Central Pacific Financial Corp. yesterday to "correct" statements made by one of CPF's attorneys.
Ronald Migita, CB's president and chief executive officer, said comments made by CPF attorney Gordon Bava of Los Angeles-based law firm Manatt, Phelps & Phillips "reflect a fundamental misunderstanding of the operation" of CB's shareholder rights plan, commonly referred to as a poison pill.
CB, parent of City Bank, said once the poison pill is triggered, neither CPF nor CB's board of directors would be able to cancel the rights, ensuring CPF and its affiliated groups would be unable to complete a takeover without substantially diluting their shares. Triggering the poison pill would give CB shareholders, except CPF and affiliates, the right to acquire CB shares at half the market price. The effect would be to reduce ownership of CB stock by CPF and affiliates to about 8 percent from 27 percent.
CB also said its rights plan was not amended to create another obstacle to CPF's hostile takeover attempt, as Bava alleged, but to prevent triggering the poison pill, which otherwise would have occurred. CB said the poison pill only will be activated if CPF's June 26 special shareholders meeting is declared valid.
CPF spokeswoman Ann Takiguchi said the bank would have no comment.
Maui visitor spending jumps 4.9%
Out-of-state daily visitor spending on Maui rose 4.9 percent in the first quarter, spending on the Big Island rose 3.3 percent and Kauai visitor spending decreased 2.6 percent, the state reported today.
Maui visitors, on average, spent $180.66 a day in the first three months of the year, compared with $172.27 a day in the same period last year, according to preliminary data from the state Department of Business, Economic Development and Tourism.
Visitors to the Garden Isle spent $144.07 a day, down from $147.97 a day. Big Island visitors spent $142.75, up from $138.25.
Molokai visitors spent 4.2 percent more, $77.42 a day compared to $74.28 last year.
The survey did not include Oahu. A Lanai survey had too small of a sample of visitors and was not released.
Tourism firms head for Korea
Ten Hawaii tourism companies are joining the Hawaii Visitors & Convention Bureau on a trip to South Korea next week to promote isle tourism at the 16th Korea World Travel Fair in Seoul.
The bureau hopes to capitalize on this year being the 100th anniversary of the first Korean settlers to Hawaii. The travel fair is expected to attract more than 100,000 travel trade visitors and consumers, as well as media coverage. Outside Japan, Seoul is the only Asian city that has nonstop flights to Hawaii.
State seeks nominees for exporter award
Nominations are being accepted for the Governor's Exporter of the Year award.
Nominees must have a sponsoring organization, such as a financial institution or an industry association in order to submit an application. The search will begin in all counties for top exporters, followed by judging for overall Hawaii winners. The Exporter of the Year will be selected from among six category winners in the following categories: exporter of fresh commodities; exporter of professional services; export trading company; exporter of manufactured products; exporter of high technology; new exporter. In addition, Exporter of the Year and Outstanding Contributor to Exporting awards will be given to individuals or organizations that helped to promote exporting.
For further information about the award, contact Dave Young at the Department of Business, Economic Development and Tourism at email@example.com or 587-2874.
Feds investigate Schering-Plough
TRENTON, N.J. >> Drug maker Schering-Plough Corp. said today it is the target of a federal grand jury investigation into its marketing practices, whether it overcharged the government for medicines and possible obstruction of justice.
Schering-Plough received a letter Wednesday from the U.S. Attorney's Office for the District of Massachusetts informing it of the investigation, which focuses on subsidiary Schering Corp., said spokeswoman Denise Foy.