Florida Business News Roundup: Mergers, Layoffs, and Growth Plans

Strategic Insights -

Visionary companies and organizations dominated the Florida business scene this week, with several notable deals and announcements. Tropical Sportswear International Corp.'s acquisition of Farah Inc. is almost complete, with over 95% of shares tendered to Foxfire Acquisition Corp. Meanwhile, Vision Twenty-One executives outlined plans for growth through strategic acquisitions and expansion of services. Europa Cruises Corp. signed a two-year gaming concession deal with Coastal Gaming Group Inc., marking another significant partnership in the industry.

Key Takeaways:

  • Tropical Sportswear International Corp.'s acquisition of Farah Inc. is nearing completion, with 9.8 million shares (95% of outstanding shares) tendered to Foxfire Acquisition Corp.
  • Vision Twenty-One plans to resume growth through strategic acquisitions of optometry and ophthalmology practices, aiming to gain market share and provide more eye exams, surgery, and ambulatory care.
  • Europa Cruises Corp. signed a two-year gaming concession deal with Coastal Gaming Group Inc., under which Coastal will operate the poker concession on Europa's Madeira Beach offshore gaming ship and pay Europa a minimum of $240,000 annually.
  • Tropicana Products Inc. opened its $17 million technical center in Bradenton, which will house 100 employees and serve as a citrus research and development facility.
  • Physicians Protective Trust Fund and Physicians Insurance Company of Michigan received approval for their merger, which will combine the companies into a single, publicly traded entity.
  • Enterprise Florida laid off eight employees (5% of staff) to save money and redirect resources.
  • State Farm Mutual Automobile Insurance Co. will return $62.9 million in premiums paid by its Florida auto insurance policyholders.
  • Viacom Inc. and News Corp.'s "Titanic" will be released on home video on September 1, with Paramount Home Video planning an 11-week advertising campaign to promote the film.
  • Kerr-McGee Corp. will sell its coal-mining operations to American Coal Co. and Kennecott Energy Co. in separate deals worth $600 million.
  • America Online Inc. acquired Israel's Mirabilis Ltd. for $287 million, expanding its ICQ chat system to over 12 million subscribers.

Statistics:

  • 9,800,000 shares of Farah Inc. were tendered to Foxfire Acquisition Corp. (95% of outstanding shares)
  • 100 employees will be housed at Tropicana Products Inc.'s new technical center in Bradenton
  • $240,000 is the minimum annual payment Europa Cruises Corp. will receive from Coastal Gaming Group Inc. under the gaming concession deal
  • 5% of Enterprise Florida's staff (eight employees) were laid off to save money and redirect resources
  • $62,900,000 is the amount State Farm Mutual Automobile Insurance Co. will return to its Florida auto insurance policyholders
  • 2.1 million is the number of Florida policies held by State Farm Mutual Automobile Insurance Co.
  • 7.4% is the percentage of premiums State Farm will return to its Florida auto insurance policyholders
  • 95% is the target audience Paramount Home Video aims to reach through its 11-week advertising campaign
  • 11 weeks is the duration of Paramount Home Video's advertising campaign for the release of "Titanic" on home video
  • 12 million is the number of subscribers to Mirabilis Ltd.'s ICQ chat system, acquired by America Online Inc. for $287 million
  • $287,000,000 is the acquisition price of Mirabilis Ltd. paid by America Online Inc.

Sources:

  • Tropical Sportswear International Corp. press release: "Foxfire Acquisition Corp. Completes $9-Per-Share Cash Tender Offer for All Outstanding Shares of Farah Inc."
  • Vision Twenty-One annual meeting: "Vision Twenty-One Executives Outline Plans for Growth"
  • Europa Cruises Corp. press release: "Europa Signs Two-Year Gaming Concession Deal with Coastal Gaming Group Inc."
  • Tropicana Products Inc. press release: "Tropicana Products Inc. Opens New Technical Center in Bradenton"
  • Physicians Protective Trust Fund press release: "Physicians Protective Trust Fund Members Approve Merger with Physicians Insurance Company of Michigan"
  • Enterprise Florida press release: "Enterprise Florida Lays Off Eight Employees"
  • State Farm Mutual Automobile Insurance Co. press release: "State Farm to Return $62.9 Million in Premiums Paid by Florida Policyholders"
  • Viacom Inc. press release: "Viacom and News Corp.'s 'Titanic' to Be Released on Home Video September 1"
  • Kerr-McGee Corp. press release: "Kerr-McGee Corp. to Sell Coal-Mining Operations"
  • America Online Inc. press release: "America Online Inc. Acquires Mirabilis Ltd. for $287 Million"