Business

Report: Yadkin Financial may be seeking a buyer

May 25, 2016

(Winston-Salem Journal)

Raleigh-based Yadkin Financial has hired Sandler O'Neill & Partners to solicit offers, according to a Bloomberg News report. The Raleigh-based bank, with a market value of about $1.4 billion, completed its biggest purchase in March, paying $456 million for Greensboro-based NewBridge Bancorp. Yadkin has about $7.4 billion in assets.

High-profile group to seek compromise on HB2

May 26, 2016

(The News & Observer, Raleigh)

A bipartisan group led by former state budget director Art Pope and former Lt. Gov. Dennis Wicker is forming to find a solution to the impasse over House Bill 2. Former Republican Gov. Jim Martin will be honorary chairman. The group plans to assemble a group of 16 members representing local governments and who represent both sides of the issue.
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Cone Health to manage Asheboro hospital

May 26, 2016

(Asheboro Courier-Tribune)

Greensboro-based Cone Health has entered into a management-services agreement with Randolph Hospital, effective June 1. The deal leaves only 11 N.C. hospitals that aren't affiliated with with another health care provider, Randolph Chairman Mac Pugh said.

Lenovo posts first annual loss in 6 years

May 26, 2016

(WRAL TechWire)

PC-maker Lenovo cited a decline in smartphone sales and internal "operational issues" as reasons for the annual loss of $128 million, higher than the $126.6 million that analysts had predicted. Revenue fell 3% when compared with the previous year to $44.9 billion. In the last month, at least three analysts have cut their rating on Lenovo shares, according to Bloomberg. Smartphone shipments have continued to decline for the Beijing-based company, which has its North American headquarters in Morrisville, since acquiring Motorola Mobility in 2014.

Morrisville drug developer raises $49 million

May 26, 2016

(The News & Observer, Raleigh)

Arrivo Bioventures has raised $49 million to acquire or develop new drugs. The funding was led by Jazz Pharmaceuticals and also included Raleigh-based Rex Health Ventures. Arrivo's co-founder and CEO Steve Butts previously started Aerial Biopharma, which was later acquired by Jazz Pharmaceuticals.

Big mutual-fund company names UNC Charlotte grad as CEO

May 26, 2016

A UNC Charlotte MBA graduate is the incoming CEO at Waddell & Reed, a mutual-fund company that is struggling to retain its share of investors' assets.

Downtown Wilmington building sells for $3.15M

May 26, 2016

(Greater Wilmington Business Journal)

A group of Chapel Hill-based investors paid $3.15 million for a 21,600-square-foot building occupied by McKim & Creed, an engineering firm. McKim & Creed paid $387,680 for the building on North Front Street in 1985, property tax records show. The building, which dates back to the early 1900s, was once home to retailer J.C. Penney.

Monsanto rejects Bayer's $62B offer, still open to talks

May 25, 2016

(WRAL TechWire)

Monsanto said Tuesday that Bayer's all-cash bid valuing the seed company's stock at $122 a share wasn't high enough, but the company remains open to talks. Bayer's CropScience unit is based in RTP; the company said if a deal is struck, its headquarters would move to St. Louis, where Monsanto is based.

Duke Energy inks another deal to turn pig poop into power

May 25, 2016

(The Charlotte Observer)

Duke Energy will buy swine waste from Duplin County pork farms to serve power plants in Wayne and New Hanover counties. It's the utility's second deal announced this year to turn pig poop into power; Duke said in March it will partner with Carbon Cycle Energy to use methane from pig and poultry waste to generate electricity at four N.C. power plants. 

Durham entrepreneur earns spot on Inc.'s 30 Under 30 list

May 25, 2016

(Inc.com)

Tatiana Birgisson, the 26-year-old founder of Mati Energy, made Inc. magazine's 2016 list of coolest young entrepreneurs. Birgisson founded the energy-drink company in her dorm room at Duke University in 2012. Now sold in Whole Foods stores and soon available at Kroger and Costco, Mati expects to bring in $1 million in revenue this year.