Business and Finance
GERBER AGREED to be acquired by Swiss drug giant Sandoz for $3.7 billion, or $53 a share, a hefty premium apparently intended to thwart rival bids. Gerber, which dominates the U.S. baby-food market, quietly searched for months for a buyer or joint-venture partner. The deal gives Gerber the global sales, marketing and distribution network it has found elusive, while allowing Sandoz to sharply expand its food business. Gerber's stock rose 45% to $50.125.</br></br>The Gerber transaction lacks a lockup agreement, a provision to ward off competing bids that has been absent from big acquisitions after a judge all but invalidated such accords in Paramount's suit against QVC.</br></br>---</br></br>Flagstar agreed to pay about $54 million to settle the bulk of the litigation regarding race-bias charges against its Denny's restaurant chain, people familiar with the cases said.</br></br>---