Business briefs

Advertiser Staff and News Services

Bank takeover tactics changing

Central Pacific Bank has shifted tactics in its attempt to take over local rival City Bank, deciding to stop fighting a May 28 vote that showed City Bank shareholders rejecting the $275 million hostile takeover bid.

Central Pacific said today that it will concentrate on getting federal and state regulatory approval for the proposed deal.

Central Pacific boycotted the May 28 vote, and less than 50 percent of City Bank shareholders actually voted. Central Pacific had demanded a second vote on June 26, but now says it is giving up on that request, rejected by City Bank.

A&B firm sells center in Nevada

A subsidiary of Honolulu-based Alexander & Baldwin Inc. sold a Nevada shopping center for a $6.6 million gain.

WDCI Inc. sold the 18.6-acre Airport Square in Reno to Eureka Development Co. for $23.5 million. The property is near Reno International Airport.

Hawai'i to gain captive insurer

Japanese firm Mitsui & Co. has chosen Hawai'i as the site of its "captive insurance company," the state announced .

A captive insurance company insures national and international risks of its parent.

Groark Cos. changes name

The Groark Cos., one of three unionized water-feature contractors in the state, has changed its name to John Groark & Associates after a transfer in ownership.

The company has been acquired by employees. The transfer includes the purchase of Groark Design Inc.

Among those sued was PointCom Inc., a California- based company, for sending messages telling users they had a virus and recommending a program for protection. Calls to PointCom were not returned.