EDINA (AP)-- The parent company of Edina Realty, HomeServices.com, is to be taken private by its owner, MidAmerican Energy Holdings Co.
MidAmerican has offered to pay $17 per share for the 16.5 percent of HomeServices it doesn't already own. HomeServices has until Sept. 10 to make a formal recommendation to accept the offer.
HomeServices shares closed Wednesday at $17.18. The stock traded near $12 until Aug. 23, when it gained $4.49 on news of MidAmerican's offer.
Convicted stalker, sentenced for parole violation
ST. PAUL (AP) -- John Patrick Murphy, convicted of terrorizing judges and law enforcement officials, is headed back to prison for violating his parole.
Murphy was sentenced Wednesday to serve five more years in prison by District Judge Bruce Gross, who was brought in from Cottonwood County to hear the Ramsey County case because of conflict of interest issues.
Murphy pleaded guilty in 1994 after he admitted placing a fake bomb in a mailbox of a Ramsey County judge among other actions.
New Allete's boss says company will evaluate all of its businesses
DULUTH (AP) -- Allete Inc. will closely examine all of its operations to make changes that will be more favorable to investors, said the company's new president, David Gartzke.
Gartzke, formerly the Duluth company's senior vice president of finance, said he isn't satisfied with how the stock market is pricing Allete stock.
"We believe our stock price continues to be undervalued," Gartzke said. "Over the coming months, we will systematically evaluate every business. We will measure their values, and we're going to make sure we're operating in the proper markets as it relates to growth and the perception of value."
Gartzke made it clear that he is satisfied with the company's operations, but wanted the company to be trading at a higher stock price.
Analysts say that could mean Allete will spin off a business to get more cash.
Allete, formerly a utility dependent on the fortunes of the taconite industry, now makes money off four industries, including automobiles, real estate and securities and traditional and water utilities.
Gartzke would not speculate on what actions he plans to take.
The company's stock closed at $26.30 Wednesday, up 57 cents.
In 2000, the company made $118 million of net income on $1.3 billion of revenue.
Gartzke took over for Edwin Russell, who joined the firm in 1995 and became CEO in 1996. He resigned Tuesday.
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