Sun Microsystems and Oracle Corp. reached an agreement under which Oracle will acquire Sun common stock for $9.50 per share in cash, a transaction valued at approximately $7.4 billion. Memphis-based investment firm Southeastern Asset is Sun’s largest shareholder.
The Memphis Daily News reported that book publisher Random House would publish Harold Ford Jr.’s 320-page memoir entitled “More Davids Than Goliaths” in December.
Memphis Mayor Willie Herenton has formed an exploratory committee to consider a run for Congress in 2010. Democrat Steve Cohen currently represents the U.S. House of Representatives Ninth Congressional District.
Hollywood movie studio Fox announced its desire to shift the cost of producing disposable 3-D glasses to theater companies, provoking the nation’s largest theater chain, Knoxville-based Regal Entertainment, to announce the possibility it would show the upcoming 3-D movie “Ice Age” in traditional 2-D.
Politico reported that House Minority Whip Eric Cantor (R-Va.) has hired Podium Master, a public speaking consultant. Tennessee-based Podium Master, led by Roy and Jeanette Henderson, has worked previously with George W. Bush, Colin Powell and Rudy Giuliani, as well as all Republican National Conventions since 1992.
Clayton Homes, a Berkshire Hathaway company, unveiled a payment protection program wherein the company will make three months worth of payments, including property taxes and homeowners insurance, for any buyer who subsequently loses his job because of the economy.
ERMCO, Electric Research and Manufacturing Cooperative, which makes single-phase pole and pad transformers, reduced its work force by 90 employees as a result of the slowdown in residential and commercial construction.
The building finance committee of the Tennessee Board of Economic Growth awarded a Certificate of Public Purpose and Necessity to the city of Cookeville and Putnam County, allowing those governments to move forward with the planned development of the Highlands Business Park and an industrial park.
Across the state
All three national credit rating agencies maintained Tennessee's bond rating at the same level as last year. Fitch Ratings, Standard & Poor's and Moody's Investors Service all rate Tennessee a notch below the top-tier bond rating. The agencies also maintained a “stable” outlook for Tennessee.