Ohio State Highway Patrol Retirement System, Columbus, is considering consolidating its fixed-income management, said Debra Pelley, executive director of the $570 million fund. Fund officials, working with DeMarche, are considering terminating Phoenix Duff & Phelps, which runs $66 million, and reassigning the assets to Munder Capital Management, which oversees $67 million. Both run core portfolios.
The move would make Munder the fund's sole bond manager, and streamline the fund's investment management and cost. A decision could be made next month.
Oprah Winfrey's announcement today that she will continue her syndicated TV talk show set the stock of King World Productions soaring. It was up 7% or $2.75 to $42.06, a 52-week record high in midday trading. Trading in the shares was above average. King World syndicates her show.
Ms. Winfrey said she will continue through the 1999-2000 TV season.
Equity Office Properties Trust and Beacon Properties reached a definitive agreement to merge the companies into an office building REIT with an $11 billion market capitalization. The combined companies will operate under the Equity Office Properties Trust name and will operate 233 office buildings.
The transaction values Beacon at about $4 billion, including the assumption of debt and the issuance of preferred shares. Equity Office will issue 93,461,269 new common shares, which will be used to assume Beacon's outstanding debt of $833 million. Beacon also will issue about $200 million of preferred stock that will be exchanged for Equity Office preferred stock.
Pension funds earlier this year approved the roll-up of their partnership units in the privately held Equity Office Properties into a public REIT.