20 May 2005
Page 1
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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 20, 2005
Page
1
Maytag Corp. reaches a $2.1 billion sale to a private investor consortium led by Ripplewood Holding LLC of New York. The deal pays $14 per share in cash, with Maytag stock jumping after hours following the Thursday reveal in Newton.
Maytag Corp of Newton, an $4.7 billion appliance maker with 18 000 employees and 15 plants seeks a Ripplewood Holdings LLC takeovers at 14 a share or 2 1 billion including 975 million debt. Approvals from shareholders and federal regulators required with completion projected before December 31.
Iowa legislators say they near a $5.1 billion spending agreement likely to avoid a cigarette tax increase while adding funds for regent universities. Gov Vilsack and leadership back a bipartisan package expected to wrap up Saturday after closed door talks.
The Alcohol Advisory Board urged bars to stop serving drinks in 30 ounce carry along cups during bar crawls to curb binge drinking. If voluntary compliance fails after 30 days an ordinance may restrict carry along cups. Leah Cohen of Bo James notes the move aims to keep gatherings safe while preserving social fun. The rule targets 21st birthday crowds and large cups used to obtain cheap drinks.
Martinsburg man Perry McBeth recalls the 1962 rampage by Gayne Smith that killed five family members in rural Martins. Smith died at 67 in University Hospitals Iowa City after 42 years in prison from a heart vessel tear. McBeth, then a baby, says memories haunt him and his life remains tumultuous.
The University of Iowa reveals its top seven leaders, highlighting an African American administrator and a woman among the group. A second woman is also listed among the top fourteen leaders.
University of Iowa officials say top admin diversity remains low after Charlotte Westerhaus, director of the Office of Equal Opportunity and Diversity, announced plans to leave. With her departure, only one of 14 senior administrators is a person of color and just two are women, highlighting ongoing recruitment and funding needs.
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