ReportWire

Tag: Takeover

  • Street Takeover Events Allegedly Turn Dangerous For Police – KXL

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    PORTLAND, Ore. – Portland police broke up a large illegal street racing event that moved through multiple neighborhoods Sunday night, ending with arrests, vehicle tows and fireworks allegedly being thrown at officers.

    Police say the activity began around 9 p.m. when a crowd of 50 to 60 vehicles gathered near North Lombard Street and North Chautauqua Boulevard, blocking traffic and driving recklessly. When officers from the Portland Police Bureau’s North Precinct arrived, the group dispersed and moved to North Marine Drive and Portland Road.

    As officers from the Traffic Division began conducting traffic stops, the crowd shifted again—this time to the Lloyd Center area, where officers were already monitoring the scene. Police said the gathering escalated when individuals from a nearby parking structure threw lit mortar-style fireworks at patrol vehicles. No injuries were reported.

    Police then began enforcement actions, including arrests, citations, vehicle tows and additional traffic stops. Reinforcements from multiple precincts were called in, leading to delays in responding to other calls across the city.

    Later that night, a smaller group regrouped near North Marine Drive and North Force Avenue. Police found 20 to 30 vehicles and about 100 spectators. Officers warned participants that obstructing vehicles would be towed, and the group eventually left the area.

    Throughout the night, several drivers attempted to elude police, and multiple criminal offenses were reported. Preliminary figures released by police include:

    The Portland Police Bureau said this was the second night in a row of large-scale illegal street racing activity.

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    Grant McHill

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  • Qualcomm reportedly approached Intel for what would be the biggest chip deal ever

    Qualcomm reportedly approached Intel for what would be the biggest chip deal ever

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    Intel Corp. shares climbed after the Wall Street Journal reported that Qualcomm Inc. approached the company about a takeover, a potential record-setting deal for the chip industry.

    The discussions occurred in recent days, the newspaper said, citing unnamed people familiar with the situation. Even so, a deal is far from certain, according to the Journal. Representatives for Intel and Qualcomm declined to comment.

    The shares rose 3.4% to $21.87 in New York trading Friday, rebounding from a decline earlier in the day. The stock remains down 56% this year.

    Intel, once the world’s largest chipmaker, has been struggling with flagging sales and mounting losses — exacerbated by the loss of its technological edge. The company’s market valuation, at $93.5 billion, is now roughly half of Qualcomm’s. Still, a takeover would be the largest-ever transaction for the semiconductor market and potentially transform the industry.

    Shares of San Diego-based Qualcomm declined 2.9%, reflecting investors’ concerns about the risks of such a deal. 

    Intel, based in Santa Clara, California, announced a raft of changes this week aimed at getting its business back on track. The moves included a multibillion-dollar deal with Amazon.com Inc. to make a custom AI semiconductor and a plan to turn Intel’s ailing manufacturing business into a wholly owned subsidiary.

    Qualcomm is the world’s biggest designer of smartphone processors, but it’s been trying to branch out into more areas. That includes chips that that run personal computers, where Intel is still the dominant player.

    Like much of the industry, Qualcomm doesn’t do its own chip production. It outsources manufacturing to partners like Taiwan Semiconductor Manufacturing Co., which also makes chips for Nvidia Corp. and Advanced Micro Devices Inc.

    Acquiring Intel could potentially provide Qualcomm with access to its own production in the US, as well as giving it the biggest brand in the market for PCs and traditional server computers.

    But Intel’s problems wouldn’t be solved by a Qualcomm takeover. The would-be suitor also has no experience in handling manufacturing or doing the science behind cutting-edge production technology — an area where TSMC excels.

    Qualcomm was involved in a contentious takeover saga more than six years ago, when Broadcom Inc. attempted to acquire the company. Broadcom walked away from the bid after President Donald Trump blocked the deal, citing national security risks.

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    Ian King, Bloomberg

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  • Northern California law enforcement seeks to put an end to sideshows

    Northern California law enforcement seeks to put an end to sideshows

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    (FOX40.COM) — Sideshows are a growing concern in California and local law enforcement agencies are attempting to put an end to them.

    Sideshows originated around the 1980s as events where people did car stunts in vacant lots and roadways in front of several spectators. The social gatherings were once considered entertainment but have since escalated to dangerous and sometimes deadly occurrences.

    Within recent years, property damage, injuries, and deaths have been reported which has gained the attention of law enforcement.

    Several government, police, and sheriff’s agencies in California have sought ways to put an end to them. Some Sacramento City Council members proposed new legislation to maximize fines and penalties for sideshows -such as impounding vehicles for a minimum of 30 days.

    In early 2024, the San Joaquin County Sheriff’s office took sideshow penalties even further by executing a mass towing of nearly 90 vehicles accused of participating in them, and not releasing them until each case was heard by a judge in court.

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    Veronica Catlin

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  • NCLT approves Hinduja Group’s resolution plan for Reliance Capital takeover

    NCLT approves Hinduja Group’s resolution plan for Reliance Capital takeover

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    National Company Law Tribunal has approved IndusInd International Holdings’ resolution proposal for the acquisition of Reliance Capital. The Hinduja Group company has been given 90 days to implement the resolution, subject to regulatory and other approvals.

    “The RBI and SEBI approvals are expected to come by next week or so but the IRDAI application is in the process of being filed and might take some time,” sources told businessline.

    The NCLT application was made by RCap administrator Nageswara Rao Y, who took charge of the company in November 2021 when RBI superseded the erstwhile board of directors and initiated insolvency proceedings against the company. The CoC was constituted in December 2021 and met a total of 49 times starting January 2022, before the final proposal was submitted to the NCLT for its approval.

    “The resolution plan provides for the implementation of the terms thereof within a period of 90 days from the approval of the Resolution Plan by the Adjudicating Authority and receipt of certified copy of the order approving the Resolution Plan,” the NCLT notice said, adding that the 90-day timeline may be extended if required.

    IndusInd International has submitted a proposal that includes upfront cash payment of ₹9,650 crore, accounting for 37.03 per cent of the initial amount claimed. The company has also proposed an amount net of ₹50 crore for the benefit of the CoC, which will be part of the upfront cash and an additional Rs 11 crore over and above the proposed amount. 

    The proposed acquisition is now awaiting the approval of the RBI for Reliance Capital and Reliance Asset Reconstruction,  Company Limited, IRDAI for Reliance General Insurance and Reliance Nippon Life Insurance, CCI for the takeover, and SEBI for Reliance Securities and other entities. The deal is also subject to sale of shares of Reliance Home Finance held by Reliance Capital in the open market on various dates.

    On successful completion of the resolution plan, the Hinduja Group will acquire majority shares in Reliance Capital and the company will cease to be listed on stock exchange. Existing shareholding of the company will be cancelled and new shares will be issued to the companies nominated by Hinduja Group.

    Background

    The initial deadline for submission of expressions of interest for Reliance Capital was March 2022 but was extended multiple times till August 2022, when the administrator received bids for both Reliance Capital as a going concern and distinct clusters for individual group companies. However, the CoC decided that the bids needed to be improved and extended the dealine till November 2022, by when the number of applicants had fallen to eight. The average fair value of RCap was determined at Rs 16,696 crore, following which the CoC decided to conduct a challenge mechanism in December 2022 to further improve the financial proposals received.

    Draft resolution plans from Torrent Investment and IndusInd International were shortlisted but Torrent appealed against the resolution when Hinduja submitted a revised proposal after the challenge mechanism had been completed. While NCLT in February 2023 ruled in favour of Torrent, the NCLAT in March 2023 set aside NCLT’s order and allowed the CoC to go ahead with an extended challenge mechanism, which was finally held in April 2023 and under which HInduja Group was the sole applicant.

    The Hinduja’s application was approved by the CoC in July 2023. Even so, delays due to discussions surrounding distribution of funds between financial and operational creditors led to the timeline being extended further. Under Hinduja’s cquisition proposal, secured financial creditors are eligible for 42.73 per cent of the initial amount claimed, unsecured financial creditors for 3.96 per cent, operational creditors for 4.38 per cent, and 38.86 per cent has been approved against other debt and dues. Further, the cash of Rs 285 crore lying with Reliance Capital will be distributed among creditors in the same proportion.

    Torrent’s plea challenging NCLAT’s decision is still pending before the Supreme Court, however the apex court did not stay the insolvency process. The next hearing is scheduled for March 4.

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