Reno Gazette-Journal from Reno, Nevada • Page 27

Reno Gazette-Journal Tuesday, November 7, 1995 3E Paper companies plan $3.5 million deal GAMING TOURISM deal would make it more efficient, give it world-class mills in Riegel-wood, N.C., and Augusta, a recycled paperboard plant in Connecticut and a paper mill in Scotland that is an important supplier to the United Kingdom. Federal Paper Board said the deal is a good one for its shareholders and enables International Paper to serve a broader range of customers. "This is a great deal for Federal shareholders," said Linda Liener-man, a managing partner at Bear Stearns Co. "But it is hard to get excited about what this docs for IP." With $1.57 billion in revenue last year. Federal Paper is about one-tenth as large as International Paper which had $15 billion in revenue.

The deal is subject to approval by Federal Paper Board's shareholders and regulatory authorities. It is expected to close in early 1996. International Paper will pay $55 a share in cash and stock for each Federal Paper Board share. That NEW YORK (AP) International Paper Co. moved Monday to solidify its status as the world's biggest paper products company by reaching agreement to buy Federal Paper Board Co.

in a $3.5 billion buyout deal that includes the assumption of debt. The offer of $55 a share in cash and stock was 21 percent more than Federal Paper's closing price on Friday, and the Montvale, N.J.-based company's share price leapt on the news. Federal Paper shares surged up $6.50 a share, or 14.3 percent, at $52 on the New York Stock Exchange. International Paper was off 1 or 2.7 percent, at $36. 1 Vh.

The deal comes just months after Kimberly-Clark Corp. of Dallas agreed to buy Scott Paper Co. of Philadelphia in a $7.4 billion merger. Analysts say the paper industry has been strong although some signs have appeared that prices may have peaked. Companies across the United States have been looking to alliances to cut costs.

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Lieberman doubts there would be any significant antitrust objections from federal regulators to the deal. The companies say they are involved mainly in complementary rather than competing businesses. International Paper, which is based in Purchase, N.Y., produces printing papers, packaging and other forest products. It has manufacturing operations in 28 countries, owns or leases about 6 million acres of timberland. In addition to its mills in North Carolina, Georgia, Connecticut and Scotland, Federal Paper has sawmills and other manufacturing operations and owns or leases 700,000 ares of timberland.

merger frenzy ITT and others to shed far-flung subsidiaries. Block says. "Everybody is focusing on a core business and trying to bulk up." So far, the deals make more sense than many in the 1980s, says Columbia professor Louis Lowen-stein. But many won't work. A fresh example: is undoing its 1991 $7.5 billion purchase of NCR.

Koeneke says the boom will even outlast the bull market in stocks. USA Today Monday continues to produce 125th Anniversary Reno Gazette-Journal Serving northern Nevada 5 Preparations made to implode Landmark Workers crawled through the gutted skeleton of the once-stately Landmark Hotel in Las Vegas Monday, placing explosive charges designed to bring down the 31 -story space needle-shaped tower. The 356-foot tower is scheduled to be imploded about dawn Tuesday, reducing a piece of Las Vegas history to a pile of rubble. Mark Loizcaux, president of Controlled Demolition, said the building will be the tallest reinforced concrete structure imploded in North America. CDI also holds the world record, imploding a building in Sao Paulo, Brazil that was 5 feet higher.

Less than 100 pounds of dynamite has been strategically placed to bring down the once elegant building that fell on hard times before closing five years ago. Started in 1961 by developer Frank Caracciolo and completed in 1968 by reclusive billionaire Howard Hughes, the building is more complex than officials expected, Loizcaux said. "We found secret stairwells." he told a news conference Monday. "There were no blueprints. It was a very strange structure, very unique.

"We don't know as much about the structure as we'd like," Loizeaux told a news conference outlining details of the implosion. "We're being verv careful." CDI, of Phoenix, imploded two towers of the old Dunes resort on the Las Vegas Strip two years ago. Earlier this year the company imploded the shattered shell of the Alfred P. Murrah federal building in Oklahoma City, the site of the April 19 bombing that killed 1 69 people. Camera crews from Warner Bros, ill be on hand for the implosion, and will provide some special effects to add a little pizzaz for the camera.

Larry Franco, a producer ho is helping coordinate the filming, said the footage would be used for a proposed movie. "Mars Attacks." He said the movie was still in the planning stage. "It's not a 'go' project at this point," he said. The implosion is tentatively scheduled between 5: 1 5 and 5:45 a.m., PST, according to Rob Powers, a spokesman for the Las Vegas Convention and Visitors Authority, the owner of the property. N.J.

casinos post 6 higher revenues Casinos here remain on a roll: Revenues were up 6 percent last month, officials said. The money taken in from gamblers jumped to $322.9 million, up from $304. 7 million in October 1 994, according to the Casino Association of New Jersey. It was the 1 7th consecutive month that revenues, compared with the same period a year earlier, had increased. And it was the eighth-best monthly take since casinos opened here in May 1 978, said Nicholas Amato, president of the association.

"This 6 percent figure is also significant when one factors in that October 1 995 had one less Saturday than October 1 994 and Saturday historically is the best day of the week in gaming," Amato said. He attributed the continued improvement to the addition of 2,000 slot machines, favorable reports on the Atlantic City market by several Wall Street analysts, plans for 1 billion in casino and hotel expansions and the impending entry of several big names in the Atlantic City casino market. Wire service reports rrT.VIL'M.HXi Alliance Ameristar Aztar Bally Gaming Bally Enter. Boomtown Boyd Gaming Casino Data Sys. Circus Circus Grand Casinos Harrah's Harveys Hilton Hotels IGT ITT Jackpot Ent.

MGM Grand Mikohn Gaming Mirage Monarch Primadonna Promus Hotels Rio Hotel Sahara Gaming Sands Regent Showboat Sodak 414 .14 6 7V2 10V2 11 7 1 14V4 V4 17116 -5964 26 -Vi 39Ve -'4 24Va 16Va -Ve 67V2 12 -Va 124 Wa 12 1 24V2 V2 4 116 32 -V4 5V4 15 Vb 22V2 -Va 13516 -316 3'4 4 Va 25 V4 18 The Reno Gazette-Journal invites you on a special 125th anniversary tour of the newspaper. NEW YORK The deals just keep coming. Monday, companies announced mergers or acquisitions worth more than $16 billion. That dazzled Wall Street investment bankers and lawyers who already were reveling in the second straight record year in the deal business. Industries touched in Monday's frenzy included banking, paper, paint, computer and medical equipment.

"It was across the board," says Michael Koeneke, co-head of mergers and acquisitions at Merrill Lynch. So far, 1995 has had announcements of 7,350 deals worth more than $363 billion, Securities Data Co. estimated after Monday's flood. The $347 billion of announced deals in 1994 topped the previous record $338 billion in 1988. Why the flurry? High stock Banks From page 1 through attrition.

Preston said there's no word yet on how a merger might affect staffing at FIB's Day and Night Banking Center, a Reno office that handles customer inquiries for FIB's entire 13-state region. The center now has about 450 employees. Dennis Gauger, a banking industry specialist for Deloitte Touche accounting and management services firm in Reno said the planned acquisition is a continuation of the trend of large bank mergers. Such mergers can mean another layer of approvals required for credit and can change the local decision-making landscape for those approvals. "One thing I've noticed with these larger bank takeovers, their business tends to change from a business-lending institution with a lot of emphasis on loans to more of a retail focus with more individuals processing a lot of volume in checking and savings accounts," Gauger said.

"They still have lending and business loans, but there's more approval levels and red tape to go through. Both companies are looking at how best to combine similar operations, Preston said. "They'll look at who has the best facilities, the best technology and the costs involved and then they'll make determinations." Chuck Bratton of Merrill Lynch brokerage in Reno said a merger between FIB and First Bank probably would produce few obvious differences for FIB Nevada customers. "The benefits will be more in the back rooms, the trust departments, the paperwork handling," Bratton said. "The boards have approved," Bratton said.

"Now it's up to the shareholders. The boards and officers will be selling the idea to shareholders to convince them to ratify the agreemmcnt." Bratton said the next question is whether Wells Fargo will raise the ante from the $10.1 billion of its unsolicited buy out bid of Oct. 1 8. "Some experts say Wells Fargo can, others say it won't," Bratton prices are helping acquirers pay a target's shareholders with new shares instead of cash. Competitive pressures are pushing companies to merge to cut costs and gain market share.

Some executives fear if they don't do a deal, one will be done to them. The banking, media, telecommunications, health care and drug industries have had the biggest deals this year. "Everybody is trying to keep up with the Joneses," says deal lawyer Dennis Block of Weil, Gotshal Manges. The pressure is causing more deals to start off hostile. Monday's deal between Johnson Johnson and medical equipment maker Cordis began with a hostile offer from First Interstate embraced First Bank to avoid Wells Fargo's unwelcome advance.

The biggcr-is-better arguments have the same root as decisions bv said. "As you recall, FIB was not overjoyed by the overtures made by Wells. It was a hostile bid and they put out feelers to a number of banks, so they basically courted First Bank to come in and ride to the rescue." On Monday, Wells Fargo's chairman Paul Hazen reacted to the merger announcement, saying he didn't believe the merger was in the best interests of FIB shareholders. "We not believe that First Inter-state's shareholders will settle for something less than what they would have obtained through a merger with Wells Fargo," Hazen said. River and Rye Patch-an 11,000 1 acre lake with 72 miles of scenic shoreline Add to Your Real Estate Portfolio! Strategically 1 Master-planned Located East of RENO I Community Highway Access Level to Oentlv on 1-80 I Sloping Parcels Spectacular Lake Views For Free video preview, Call il-SQU-HO-1444 CODE RGJ-13 Humboldt River Ranch! Reno Sales Office 1135 Terminal Way 706, Reno, NV, Prices and terms subject to charge.

Nav 950272 Obtain the Property Report required by federal law and read It before signing anything. No federal agency has judged the merits or value, If any, of this property. Overlooking the Humboldt I lTmMWay 106, Reno, Wfljj Tours will be conducted daily November 13th through the 17th. Reservations are required. For morning tour, call 788 For afternoon tour, call 788 Get the Paper Reno Gazette-Journal 6213.

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