IBM plans $3.5 billion share repurchase

Article Abstract:

IBM's $3.5 billion share buyback announcement on Oct 28, 1997 triggered Wall Street action from a range of other companies. The IBM move also seemed to stop three days of stock-market losses. Several corporations replaced fleeing investors by bargain hunting, announcing stock repurchases or purchasing large amounts of shares. Mark VII, a Tennessee trucking company, decided to extend a 1995 buyback program by 300,000 shares. Stride Rite is a footwear manufacturer that raised its share value by 37.5 cents, after buying stock under a two-million-share repurchase program authorized earlier in Oct 1997. Adobe Systems also planned to enter stock repurchasing. A repurchase of 15 million shares, about 20% of total shares outstanding, was approved earlier in 1997 by the computer-software manufacturer's directors.

Trucking, General Freight Trucking, Other Footwear Manufacturing, Nonrubber Footwear, Trucking & Courier Services, Ex. Air, Footwear, Except Rubber, Truck industry, Finance, Footwear industry, Footwear, Adobe Systems Inc., ADBE, Securities, Stride Rite Corp., SRR, Company financing, Stock markets, Stock Market, Mark VII Inc., MNXI

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SEC and exchanges are investigating trading ahead of IBM's bid for Lotus

Article Abstract:

The Securities and Exchange Commission (SEC) and a number of the major stock exchanges are investigating the possibility of illegal trading before the announcement of a proposed acquisition of Lotus by IBM. SEC officials are not making specific comments about the investigation but say that they are looking for unusual price movements and unusual volume movements and options transactions. IBM has been in talks with Lotus over the proposed acquisition for over a year and Lotus had told IBM that the entire company was not for sale but that its application business could be sold. IBM began considering a hostile takeover in Apr 1995. Regulators investigating possible illegal trading are particularly concerned about an 11% gain in Lotus' stock on the Friday before the acquisition was announced.

Mergers, acquisitions and divestments, Investigations, United States. Securities and Exchange Commission, Investigation, Government Activity

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IBM's Ozzie, Star Software developer, is leaving to start computer venture

Article Abstract:

Renowned Lotus software developer Raymond Ozzie is departing the IBM subsidiary to form his own computer venture, Rhythmix. Ozzie, inventor of Lotus Notes workgroup software, said Rhythmix will focus on developing new and undisclosed products. Rhythmix will continue Ozzie's goal of new products that would complement Notes and Domino, the Lotus Internet software, according to Lotus Pres Jeff Papows. IBM and Lotus are supporting Ozzie's project, but it is uncertain whether IBM and Lotus hold a financial stake in Rhythmix. Ozzie is a popular figure at Lotus trade shows and customer conferences. IBM has told its investors that Ozzie would maintain an important and somewhat independent role at Lotus.

Management, Officials and employees, Appointments, resignations and dismissals, Ozzie, Ray, Company Business Management

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