Business in brief: Revett-Hecla sale challenged
Two shareholders of Revett Minerals are challenging the company’s proposed sale to Hecla Mining Co.
In separate suits filed this week in Spokane County Superior Court, Chad Okerberg and Todd Lokash claim Revett’s board of directors failed in their fiduciary duty to shareholders by negotiating a “rock-bottom” price for the company. Both are seeking class-action status.
The $20 million stock deal is expected to close during the second quarter, pending shareholder approval. For each share they own, Revett’s stockholders would receive a fraction of a Hecla share, valued at about 52 cents.
The purchase price doesn’t recognize the value of Revett’s proposed Rock Creek Mine, a silver and copper project in Northwest Montana, according to the suit, which also criticized the way the deal was structured. Based on the terms, it would be difficult for another company to offer a competing bid, the suit said.
Revett Minerals is based in Spokane Valley. President and CEO John Shanahan declined to comment on the litigation.
LinkedIn buying Lynda.com
NEW YORK – LinkedIn is buying Lynda.com for about $1.5 billion in a cash-and-stock deal, adding the online learning and professional development company to its professional networking offerings.
Mountain View, California-based LinkedIn said Thursday it will pay for the company with a combination of 52 percent cash and 48 percent stock. The deal is expected to close during the second quarter. LinkedIn’s key focus is online professional networking. Lynda.com is a subscription service that allows members to access courses taught by experts in multiple languages. LinkedIn estimates the professional certification and employee education market to be as much as $30 billion.
WTC deck lease scrutinized
NEW YORK – Prosecutors are investigating the procurement process behind a contract awarded to Dallas Cowboys owner Jerry Jones’ company to operate the World Trade Center’s observation deck.
Bond filings made public this week show prosecutors have subpoenaed Port Authority of New York and New Jersey records concerning “the procurement process” for the deck lease. The Port Authority operates the World Trade Center and is controlled by Democratic New York Gov. Andrew Cuomo and Republican New Jersey Gov. Chris Christie.
Sabra issues hummus recall
NEW YORK – About 30,000 cases of Sabra hummus sold nationwide is being recalled due to a possible Listeria contamination.
Listeria is a food-borne illness that can cause high fevers and nausea in minor cases, but the infections can be fatal to people with weakened immune systems and young children, along with causing miscarriages in pregnant women.
It is the second listeria-related recall this week. Blue Bell Creameries on Tuesday recalled banana pudding ice cream. Eight people in Texas and Kansas have been afflicted by tainted products and three have died.
There have been no reported illnesses associated with the hummus recall.
The recalled products include:
• Sabra Classic Hummus in 10-ounce sizes with UPC/SKU 040822011143 / 300067
• Sabra Classic Hummus in 30-ounce sizes with UPC/SKU 040822014687 / 300074
• Sabra Classic Hummus without Garnish in 32 ounce sizes with UPC/SKU 040822342049 / 301216
• Sabra Classic Hummus in 17-ounce six-packs with UPC/SKU 040822017497 / 301290
• Hummus Dual Pack Classic/Garlic 23.5 ounce with UPC/SKU 040822342209 / 301283