IBM Re-Enters High-End Data Storage Market, Freeserve Goes Public, Japan Airlines Under Attack

Strategic Insights -

IBM has re-entered the high-end data storage market with its new product, Shark, which can transfer data faster than its competitors' models and store more information than anyone else. The system can store up to 11 terabytes of data, more than the printed collection of the U.S. Library of Congress. Meanwhile, Freeserve, a British Internet service provider, has gone public with an initial public offering of shares, valuing the company at $3.3 billion. In other news, Japan Airlines is facing a hostile takeover bid from its largest shareholder, Eitaro Itoyama.

Key Takeaways:

  • IBM's new product, Shark, is its flagship entry in the high-end disk storage market and can transfer data faster than its competitors' models.
  • Shark can store up to 11 terabytes of data, more than the printed collection of the U.S. Library of Congress.
  • Freeserve, a British Internet service provider, has gone public with an initial public offering of shares, valuing the company at $3.3 billion.
  • Freeserve's shares rose 37 percent on the opening day of trading, the first initial public offering of a major European Internet company.
  • Ninety-five million shares changed hands, representing nearly two-thirds of the offering.
  • Eitaro Itoyama, Japan Airlines' largest shareholder, is launching a hostile takeover bid to oust the old management and save the airline.
  • Seagram Co. is selling its Universal Concerts unit to HOB Entertainment Inc. for $190 million in cash and assumed debt.
  • The Greater Austin Chamber of Commerce has set up a 13-member search committee to find a new president for the business organization.

Statistics:

  • Freeserve's shares rose 37 percent on the opening day of trading.
  • Ninety-five million shares changed hands, representing nearly two-thirds of the offering.
  • Freeserve's company valuation is $3.3 billion.
  • Shark can store up to 11 terabytes of data.
  • IBM claims the list price for the storage system ranges from 44 cents to 51 cents a megabyte.
  • Seagram Co. is selling its Universal Concerts unit to HOB Entertainment Inc. for $190 million in cash and assumed debt.

Sources:

  • AP Newswire, "IBM Re-enters High-End Data Storage Market"
  • AP Newswire, "Freeserve Plc: Internet Service Provider Price: (pound) 1.50 now to pound2.055"
  • AP Newswire, "Airline Shareholder Launches Bid"
  • AP Newswire, "Seagram to Sell Concert Unit"
  • AP Newswire, "Chamber Sets Up Search Team"