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Magma Rebuffs California Energy Bid: The San Diego-based power supplier said its board unanimously rejected the revised California Energy Co. offer for about 51% of Magma Power Co.’s stock, finding that it is not in the best interests of Magma stockholders. Omaha-based California Energy on Oct. 19 raised its offer to $38.50 per Magma share from $35. The new bid consists of $28.50 in cash and $10 in stock per share for 12.4 million Magma shares. In making the rejection, Magma said it considered a variety of factors, including the revised offer’s conditional nature and the terms of California Energy’s financing.
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