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Document 56 of 110.

April 8, 2000, Saturday

SECTION: BUSINESS;Pg. C-2

LENGTH: 750 words

HEADLINE: BUSINESS BRIEFING

BYLINE: Compiled from staff and wire reports

BODY:
SAN DIEGO AND CALIFORNIA

Gtech calls off On-Point deal

Rhode Island-based Gtech Holdings called off its $48.6 million purchase of San Marcos-based On-Point Technology Systems, which restated its 1997 and 1998 earnings downward because of money-draining leases. Gtech, the No. 1 maker of lottery systems, said it will continue discussions about On-Point's instant ticket vending technology, but the talks may not result in a new agreement between the companies. The announcement was made after the close of regular U.S. trading.

NewBiotics raises $6.3 million

NewBiotics Inc., a San Diego start-up drug company, received $6.3 million in private financing to continue pre-clinical testing for treatments focusing on drug resistance in colon and breast cancers. IngleWood Ventures led the financing, which included investments from J.F. Shea Co., HMCH Ventures and Life Science Partners.

Activision will lay off workers

Activision Inc., a maker of computer games and software, said it plans to discontinue some of its product lines and lay off some employees. The Santa Monica-based company will fold its Expert Software subsidiary into its Head Games subsidiary. Activision will lay off most of Expert's employees, close the subsidiary's headquarters in Coral Gables, Fla., and stop making some of its products. Expert makes low-priced consumer software like language lessons and greeting-card design programs. It was acquired by Activision last year for $23 million.

Software developer sues Iona

Software developer Inprise/Borland Corp. of Scotts Valley said it has filed a lawsuit against Iona Technologies Inc. and its Ireland-based parent alleging unfair business practices. Inprise/Borland, in its lawsuit against Iona Technologies, claims that Iona wrongfully solicited its employees, diluted its trademark and logo, interfered with its customers and spread misinformation about Inprise/Borland products and services.

WORLD AND NATION

Ben & Jerry's shares gain on report

Shares of Ben & Jerry's rose nearly 5 percent yesterday on reports of a sweetened takeover offer for the company. Neither Ben & Jerry's Homemade Inc. nor Dreyer's Grand Ice Cream Inc. would comment on a Wall Street Journal report that Dreyer's had offered to buy Ben & Jerry's for $35 to $38 a share in stock. A few months ago, Dreyer's offered $31 a share. The latest Dreyer's bid would value Ben & Jerry's at between $250 million and $270 million. Ben & Jerry's shares shot up $1.56, or by 4.8 percent, to close at $34.13 a share on the Nasdaq Stock Market. Before the takeover talk surfaced, Ben & Jerry's traded as low as $15.75 in the past year. Dreyer's fell $1.19 on Nasdaq, or by 4.6 percent, to $24.94.

VF Corp. to acquire North Face

VF Corp., one of the world's leading apparel companies, plunged into the upscale outdoorwear market, spending $25 million to purchase The North Face, purveyor of high-tech alpine gear for mountaineers, skiers and explorers. VF is offering $2 cash for each of 12.7 million shares in the tender offer, which is expected to close next month. The boards of directors of VF and The North Face have approved the deal. Mackey McDonald, VF's chairman and chief executive officer, said the Greensboro, N.C.-based company would continue The North Face's "tradition of providing innovative, highly technical products to an intensely loyal consumer base." Shares of North Face rose 72 cents, or 59 percent, to $1.94 in trading on the Nasdaq Stock Market. Shares of VF fell 94 cents to $24.13 in trading on the New York Stock Exchange.

Congress to focus on taxes

Congress will vote this year on repealing the 102-year-old telephone tax, extending a moratorium on new Internet taxes beyond 2001 and permanently banning taxes on charges for Internet access, House Speaker Dennis Hastert said. In a draft speech to be delivered Monday in Chicago, the Illinois Republican said the votes will underscore the GOP as prime supporters of tax relief and electronic commerce. House Minority Leader Dick Gephardt, D-Mo., recently spoke in favor of a similar approach as both parties jockey for support in the high-tech industry.

Oracle moves to increase shares

Oracle Corp., the No. 1 database software company, said in a filing with the Securities and Exchange Commission that it would seek shareholder approval to boost shares outstanding to about 11 billion from the current 4 billion.

LANGUAGE: ENGLISH

LOAD-DATE: April 11, 2000

Document 56 of 110.


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