Heard on the Street

TRAVELNOW ACQUIREDNOW

Springfield-based Internet company TravelNow.com and Dallas-based online discount hotel accommodations provider Hotel Reservations Network Jan. 4 announced they have entered into a definitive merger agreement pursuant to which HRN will acquire all of TravelNow's outstanding shares for $4.16 per share in cash, according to a release from the two companies. The total value of the acquisition is approximately $47.4 million. Both companies will benefit from the premier distribution network created by the acquisition, which brings together a combined total of more than 16,000 affiliate partners, the release said. The agreement between the two companies provides that by Jan. 18, HRN will commence a tender offer for all outstanding shares of TravelNow's common stock. "The merger between two of the most successful travel distribution networks allows for the rapid growth and clear leadership position of a stronger entity. The opportunity to form such a relationship gives both TravelNow and HRN clients a greater value proposition," TravelNow Chief Executive Officer Jeff Wasson said. TravelNow General Manager Ross Summers said despite the acquisition, TravelNow anticipates no changes in its operation, located in the McDaniel Building in downtown Springfield.

NEW PIO

Springfield News-Leader Features Editor Louise Whall will Jan. 22 begin her new job as the city of Springfield's public information officer. Whall, 41, has worked for the News-Leader since 1983 and is a graduate of Michigan State University with a degree in journalism. She was recently named one of Gannett Corporation's 15 best newsroom supervisors for 2000. Whall replaces Kay Logsdon, who resigned as public information officer in October 2000 to become vice president of communications for Way2Bid.com, a Springfield-based Internet bidding services company headed by Bill Perkin. "I'm looking forward to making this transition into public service and a more direct role in serving the community," Whall said.

RATE DROP

The Federal Open Market Committee decided Jan. 3 to lower its target for the federal funds rate by 50 basis points to 6 percent. In a related action, the Federal Reserve Board of Governors approved a 25-basis-point decrease in the discount rate to 5.75 percent, the level requested by seven of the nation's 12 Federal Reserve Banks. The board indicated that it stands ready to approve a further reduction of 25 basis points in the discount rate to 5.5 percent at the request of the Federal Reserve Banks. In taking the discount rate action, the Federal Reserve Board approved requests submitted by the boards of directors of the Federal Reserve Banks of New York, Cleveland, Atlanta, St. Louis, Kansas City, Dallas and San Francisco.

FREEMAN ISO

Freeman Health Systems of Joplin announced Jan. 3 it is the first health care system in Missouri and the sixth in the nation to earn an International Organization for Standardization 9002 registration certificate. According to a Freeman release, ISO registration is a rigorous process by which Freeman improves and monitors the delivery of patient care, continually measures quality and places the highest priority on eliminating medical errors. "ISO 9002 registration has a remarkable impact on our patients," said Gary Duncan, Freeman president and chief executive officer. "It puts into place a process that helps to ensure the quality of care we provide. In a time when rising health care costs, medical errors and accountability are on the minds of health care consumers, ISO gives us a new approach to providing services that meet and exceed our patients' expectations." ISO is an international agency that develops and publishes voluntary standards covering most technologies.