Las Vegas business briefs

PACIFICARE STOCK RISES ON TAKEOVER RUMORS -- PacifiCare Health Systems Inc. rose as much as 23 percent today on rumors that the company, the U.S.'s largest Medicare insurer, is being targeted for a takeover. PacifiCare wouldn't confirm nor deny that it's in talks, company spokeswoman Alexandra Warnier said. Santa Ana, Calif.-based PacifiCare is a player in the Nevada market.

LV DOCUMENT DEALER BUYING BACK STOCK -- Las Vegas-based Gallery of History Inc. will buy back up to 350,000 shares of its common stock, saying it "believes that the current market value of its common stock does not accurately reflect the value of its asset base." Gallery stock closed at 1 1/2 Friday, unchanged on no trades. After remaining relatively flat over the past year near the 3 range, it dropped sharply at the beginning of September. The latest buy-back plan adds to the 250,000 shares the company said it would repurchase in May 1997. Gallery has bought 195,400 shares under that earlier plan. In addition to buying stock, Gallery said it has "initiated negotiations for the sale of a substantial equity stake in the company's common stock at a per share price substantially in excess of current trading levels." A deal would not change voting control of the company, currently held by Chief Executive Todd M. Axelrod. Funds from a sale would be used to repurchase shares. In the event a deal is not reached, Axelrod will lend the company up to $1 million of his own money to finance stock repurchases. Gallery of History operates mail, phone, Internet and fax auctions of historical documents from its Las Vegas headquarters, and operates retail galleries.

To contact Sun Business Editor Steve Green, call 259-4083 or e-mail [email protected]

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