The Tampa Tribune from Tampa, Florida • 33

Wednesday, March 11, 1998 Send comments and tips through e-mail to: businessjinancetampatrib.com BERNIE KOHN, Business Editor, (813) 259-7865 RAY LOCKER, Senior EditorNewsBusiness, (813) 259-7915 Business fax, (813) 258-8504 The Tampa Tribune On BNESSffl 1NANCE USA Networks pocket Ticketmaster Li LJ Li it's unclear whether he will remain with the ticket company. "I look forward to working with USAi to complete the transaction in a timely manner," Rosen said in a release, "and I will assist them in making a smooth tran- sition." A key feature of the revised offer is the elimination of a "collar" provision that capped the value of Ticketmaster shares at $25.30 each. Ticketmaster shares closed up lYa to See TAKEOVER, Page 4 that are developing local programming. The deal culminates a takeover that began last July when USA Networks bought 50.1 percent of the automated ticketing service provider for $235.8 mil- lion from its chairman. The television retailer then made an unsolicited offer to buy the remaining shares for $340 million.

But, Ticketmaster president and chief executive Fredric Rosen blocked the bid, saying the price was too low. Rosen endorsed the new price of $400 million as a "fair value" on Tuesday. But to buy Ticketmaster Group Inc. for about $400 million in stock, or $29.70 a share, after boosting its bid 17 percent in lengthy negotiations. That's 6 percent more than Ticketmas-ter's closing stock price Tuesday.

The acquisition is a "valuable asset" in USA Networks's plan to tap most channels for local distribution and thus advertising and sales, said Victor B. Miller IV, analyst with Bear, Stearns. USA Networks also owns a television retailer via cable stations, an online auction, and a string of television stations hwih ST. PETERSBURG Ticketmaster agrees to a buyout by the former Home Shopping Network after the price is raised 17 percent in negotiations. By AISSATOU S1DIME of The Tampa Tribune Home Shopping Network's parent company has completed its takeover of Ticketmaster, the leading ticket seller for entertainment events.

USA Networks formerly Home Shopping Network agreed Tuesday 4 raw i iik i. i 1 us r- 414. v- jf A bank of TV monitors featuring Martin Short greets visitors to Akbar's Adventure Tours at Busch Gardens. Parks go for new thrills TAMPA BAY AREA Sykes to buy company Sykes HealthPIan Services of Tampa has agreed to acquire Prudential Service Bureau of Louisville, for $50 million. Prudential Service Bureau's core business provides call center-based health and welfare benefits.

TECO sale closed TECO Energy the Tampa-based parent of Tampa Electric, dosed the sale of the offshore assets of its TECO Oil Gas Inc. subsidiary to American Resources of Delaware Inc. for $57.68 million. Maxxim offers stock Maxxim Medical Inc. of Clearwater has completed a secondary offering of 3,500,000 shares of common stock at $24 per share.

Acquisition completed Intermedia Communications Inc. of Tampa has completed the acquisition of Shared Technologies Fairchild expanding its customer base in more than 460 Class A office buildings nationwide. Pinellas gains jobs Linvatec a Largo manufacturer of surgical instruments, will close a California division and transfer its operations here. A number of employees of Shutt Medical Technologies, the San Dimas, division, will be offered transfers, but the action is expected to create 50 to 60 new jobs in Largo, where Linvatec now employs 700. JLM gets partner JLM Industries, a Tampa-based chemical distributor and manufacturer, has formed a partnership with Solutia Inc.

on that company's new phenol plant in Pensacola. JLM will have title to all of the chemical that exceeds So-lutia's internal requirements, making it a major participant in the North American merchant phenol market FLORIDA Outlet planned in Orlando Simon DeBartelo Group Inc. and Chelsea GCA Realty Inc. are planning a retail factory outlet center in Orlando called Orlando Premium Outlets, between Walt Disney World and Sea World. Keys get Home Depot Home Depot will open its first store in the Florida Keys on Thursday in Marathon, stocking specialty marine products like lobster traps and bait freezers.

Official resigns Richard H. Evans has resigned as president of Florida Panthers Holdings and will be eplaced by Panthers Holdings' vice chairman, Richard C. Rochon, on an interim basis. EARNINGS Stock dividend OK'd Clearwater-based Information Management Resources Inc. (Nasdaq: IMRS) declared a 3-for-2 stock dividend for its shareholders of record on March 2Q payable on or about April 3, 1998.

Cigar results fall short Consolidtd Cigar Holdings Inc. of Fcrt Lauderdale said Tuesday it expects its first-quarter financial results to be flat compared with last year's first-quarter earnings of 27 cents a snare, falling short of Wall Street's expectations of 37 cents a share. CORRECTION Walter's stock gains Walter Industries Inc's stock, symbol WLT, gained 12.5 cents last week, or 0.66 percent That information was incorrect in Monday's Tribune 50 Index chart, due to an error from the data provider. Compiled from staff, wire reports Coastal insurance going up By CATHERINE WILSON of The Associated Press Coastal dwellers made to carry windstorm insurance face a rate increase of up to 40 percent and a higher deductible. State Insurance Commissioner Bill Nelson denounced the one-year rate increase.

Approved Monday by a three-member arbitration panel for the 428,000 policyholders in the Florida Windstorm Underwriting Association, it will average 12 percent But homeowners in Miami-Dade, Broward and Lee counties will owe the maximum 40 percent "The 40 percent impact on south Florida is way too much, particularly after the rate increases that folks there have already experienced," state Insurance Department spokesman Don Pride said Tuesday. The arbitrators also doubled deductibles from 1 percent to 2 percent of a loss. A rate package will be submitted to state officials in about three weeks. "Nobody lost on this," said Sam Miller, spokesman for the industry's Florida Insurance Council. "The arbitration panel is not a rubber stamp for the industry." Nelson had rejected the association's request for a three-year rate increase of 62 percent sending it to arbitration.

The increase follows two rate increases totaling 40 percent in 1996 following a record $174 million loss in 1995. Windstorm insurance covers a strip of coastal homes in 29 Florida counties, including Pinellas, Pasco, Sarasota and Hernando, where private insurers refuse to write policies because they consider the risk too great Policyholders normally are required to buy windstorm insurance in addition to homeowners' insurance and flood insurance. Windstorm claims cover damage caused by high winds, including hurricanes. When the association operates at a loss, the gap is filled by a special assessment split among Florida's 5 million homeowners. "The board thinks the people living closest to the coast should be paying a rate that is actuarially sound," association spokesman Allen Cook said.

Nelson reacted to the rate decision by pressing for a 15 percent homeowners rate rollback and repeal of a 1996 law imposing arbitration when the industry disagrees with the commissioner's rate decision. A House workshop on the bill is set for today. 1 lYoOuicro Taco Bell! 5 ft JOCK FISTICKTribune photos iu mi 4 ir 8 quires a height of 42 inches.) Busch won't say what this year's addition cost. Thrill ride manufacturers estimated 1998 sales will be $203 million, or more than double last year's business, according to a survey by the Internation- See PARKS, Page 4 V. it Vv Tampa's Busch Gardens and the Orlando area will play host to three new attractions and a new theme park beginning this month.

By AISSATOU SIDIME of The Tampa Tribune TAMPA Comedian Martin Short doubles as an inept Egyptian tour guide in Busch Gardens' newest ride, Akbar's Adventure Tours, which opens Thursday. The visitor unlucky enough to agree to see "all of Egypt in just five minutes" is jostled by a camel, train, plane and the back of a snake. Short's simulated trek through the land of the pharaohs kicks off this year's new attractions at Florida theme parks, part of a record year for thrill ride expenditures nationwide. For Busch's 7-acre virtual ride, Tampa flight simulator manufacturer Reflectone Inc. replaced the Questor treasure hunt ride with technology that allows the two, 59-seat cabins to move in six directions, twice as many as before.

High-definition laser video replaces Questor's cumbersome 70 millimeter film, and both wind and fiber optics effects were added. In a first for the park, the adventure blends with a totally come-. die script "Normally they are very serious adventures," said Mark Rose, Busch Gardens vice president of design and engi- Of I. Vince Natale plays the part of Snackbar, the cousin of Akbar, as he performs magic tricks at the new Busch Gardens attraction. neering who oversaw the installation.

"The script writers we hired decided to do something humorous and it worked." Set just in front of the Montu roller coaster, Akbar's Adventure also provides something for the smaller people who won't meet Montu's stiff 52-inch height requirements. (Akbar's simulator re Hispanic league's national leader says 'si' to Taco Bell Dinky panic civil rights group, based in Washington, D.C. "We have many more substantive things to worry about LULAC has a good working relationship with Taco Bell. I seriously doubt they would intentionally air something that is offensive to the Hispanic community." Taco Bell Vice President Peter Stack in Irvine, agrees. He says the response to Dinky was "overwhelmingly positive" from Latino focus groups.

This research is done to ensure that our ads are received in the manner that they are intended: to entertain and inform, never to offend," he says. 'Taco Bell takes pride in our active role in support of the Hispanic community and our special obligation to the Mexican heritage of our food." But Gabriel Cazares, president of LULAC's Tampa Bay chapter, is not backing down. He contends the popular commercials stereotype Hispanics in general and Mexicans in particular. See HISPANIC, Page 4 TAMPA -Taco Bell's nonular commercials gain the support of the national president of a Hispanic organization. By TRACIE REDDICK of The Tampa Tribune The national president of the League of United Latin American Citizens is not down on Dinky, despite a local campaign to get Taco Bell to dump the Spanish-speaking spokes-Chihuahua.

"This a non-issue for LU-LAC," says Belen Robles, president of the country's oldest His CUFF McBRIDBTribune photo The national president of the League of United Latin American Citizens declares the dispute over Dinky "a non-issue.".