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Deal Digest: April 10, 2008

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Published April 10, 2008 at 10:27 AM

Stay tuned to TheDeal.com for updates to these stories and more.

Canada-Alliant Techsystems Inc.-MDA Corp.
The Canadian government has decided to prevent Alliant Techsystems of Edina, Minn., from buying two units from British Columbian aerospace company MDA Corp. because the deal on the whole would not benefit Canada.

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Ammunition and rocket maker Alliant agreed in January to buy two space technology units from the Richmond, British Columbia-based company, formally known as MacDonald, Dettwiler and Associates Ltd., for $1.33 billion in cash. The deal created a storm of protest in Canada because of Alliant's military manufacturing and because MDA's products can be used to ensure Canadian sovereignty in the Arctic.

Sharper Image Corp.
Bankrupt specialty retailer Sharper Image said Thursday its chairman Jerry W. Levin resigned from the company's board and planned to join with other investors in a bid for some or all of the San Francisco company's assets.

Sharper Image's new CEO Robert Conway said in a statement announcing the news the company intended to "give full consideration to any proposal that may be made to acquire the company's business or assets," but that it could not guarantee any offer would be forthcoming.

Treasury study on financial restatements
Financial restatements by publicly traded companies began to increase before the Sarbanes-Oxley Act was passed in 2002, a study commissioned by the Treasury Department found.

The study was undertaken in part to examine complaints that the passage of Sarbanes-Oxley had caused restatements to rise, perhaps because companies were being forced to adjust for immaterial mistakes in the books.

Hoop Holdings LLC
Hoop Holdings LLC wants to bypass a standard bankruptcy auction by selling back 180 of the Disney Stores North American units it operates for about $55 million.

Secaucus, N.J.-based Hoop petitioned Judge Brendan Linehan Shannon in U.S. Bankruptcy Court for the District of Delaware in Wilmington to approve the private sale without a Section 363 auction, documents show.

Stay tuned to TheDeal.com for updates to these stories and more.

- The editors

See TheDeal.com story on Canada-Alliant-MDA
See TheDeal.com story on Hoop Holdings
See TheDeal.com story on Treasury study



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