Perini Completes Tutor-Saliba Acquisition

Tutor-Saliba Corp., the San Fernando Valley’s largest general contractor, has gone public with the completion of their acquisition by Perini Corporation, based in Framingham, Mass. Perini shareholders approved the $862 million all-stock deal at the company’s annual meeting Sept. 5. No changes are expected in company operations locally, said Perini CFO Kenneth Burk. “Ron Tutor has been the chairman of Perini for eight years already,” Burk said. “Tutor-Saliba is still going to be headquartered in Sylmar. We don’t envision any changes with the name or anything like that.” Perini reported net income of $53.7 million for the first half of 2008, a gain of $3.5 million over the same period in the previous year. Earnings per share for the first half of the six months ending June 30, 2008 were $1.98 versus $1.88 in the first half of 2007. At least one stockholder isn’t happy with the merger. On June 19, shareholder Nina Weitman filed a lawsuit in Middlesex County, Mass., alleging that “the Individual Defendants breached their fiduciary duties to Perini by agreeing to enter into the Merger Agreement with Tutor-Saliba,” according to the Perini second quarter SEC filing.