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5/1/2007

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WisBusiness Tuesday Trends
May 1, 2007

By Brian E. Clark

RISING

TomoTherapy

Madison-based TomoTherapy could raise a whopping $214 million, if it goes through with plans for an initial public stock offering in the near future, according to documents filed with the U.S. Securities & Exchange Commission.

The company’s amended registration says TomoTherapy may offer 10.9 million shares of common stock, with 737,500 of those shares to be sold by individual stockholders. The shares are projected to sell at $15 to $17 each. No date has yet been set for the offering.

The 10-year-old company makes machines that identify and zap cancer tumors while a radiation beam rotates around the patient. TomoTherapy has 500 workers and has sold many of its machines to hospitals in this company and abroad.

MIXED

Doyle health plan

A coalition of groups and businesses has thrown its support behind Gov. Jim Doyle's plans to expand state-run health care programs to cover more uninsured residents. His proposal would allow all children, more pregnant women and 71,000 low-income adults without children to be eligible for coverage under BadgerCare Plus, which would merge Medicaid, BadgerCare and Healthy Start into one program.

The governor's office has released a list of more than 50 organizations and individuals - ranging from labor unions to church groups - backing his plans. They include Anthem Blue Cross/Blue Shield, Wisconsin Independent Businesses and AARP Wisconsin.

Missing from the list, however, were two powerful lobbying groups representing hospitals and doctors: the Wisconsin Hospital Association and the Wisconsin Medical Society.

FALLING

Midwest Air Group

Octavian Advisors, a New York-based hedge fund and one of Midwest Air Group Inc.’s largest shareholders, is putting heat on the airline’s board of directors to negotiate with Florida-based AirTran Holdings, which is pursuing a hostile takeover of Midwest.

Octavian, which owns 6 percent of Midwest Air, said in light of AirTran's materially increased offer, both sides should now come together for "good faith negotiations."

Meanwhile, Midwest reported an unexpected first quarter profit Thursday of $8 million or 31 cents per share, but only after recording a significant accounting-related benefit from fuel hedging contracts. Without those accounting adjustments, the company would have suffered a loss of 40 cents per share. Midwest’s shares closed Monday at $13.75, down from a 52-week high of $14.75. AirTran has made a cash and stock offer for Midwest worth more than $15 a share.


Written exclusively for subscribers. Tuesday Trends is Copyright © 2007.