Also . . .

* Prudential Property & Casualty Insurance Co. reduced its California auto insurance rates an average 12.3%, effective Friday. The rate cut follows an 8% reduction in December.

* Simmons Co., the world’s largest branded bedding company, is being acquired for $500 million by New York leveraged buyout firm Fenway Partners from Bahrain-based investment firm Investcorp. Managers and employees of Simmons and Investcorp will retain a 29% stake in Simmons, which has annual revenue of $550 million and 2,800 employees.