Content about Mergers and acquisitions

August 21, 2014

Citing antitrust concerns, Family Dollar Stores on Thursday firmly rejected a takeover offer by larger competitor Dollar General, and said it favors a smaller deal with potential buyer Dollar Tree.

New York -- Citing antitrust concerns, Family Dollar Stores on Thursday firmly rejected a takeover offer by larger competitor Dollar General, and said it favors a smaller deal with potential buyer Dollar Tree. Following an $8.5 billion offer last week by Dollar Tree, Dollar General offered a $9 billion, all-cash deal.

July 29, 2014

U.S. retail and consumer merger & acquisition (M&A) activity during second quarter 2014 was driven by eight multibillion dollar transactions, anchored by the food and beverage (including alcohol and retailing) sectors, exceeding year-over-year deal value by 104% and volume by 52%.

New York - U.S. retail and consumer merger & acquisition (M&A) activity during second quarter 2014 was driven by eight multibillion dollar transactions, anchored by the food and beverage (including alcohol and retailing) sectors, exceeding year-over-year deal value by 104% and volume by 52%.

July 28, 2014

In a merger that will shake up the dollar store retail vertical, Dollar Tree is acquiring Family Dollar for $8.5 billion in cash and stock.

Chesapeake, Va. - In a merger that will shake up the dollar store retail vertical, Dollar Tree is acquiring Family Dollar for $8.5 billion in cash and stock. The resulting company will operate more than 13,000 locations in the U.S. and Canada, with an annual sales volume of $18 billion.

June 25, 2014

Inland Diversified Real Estate Trust stockholders have voted overwhelmingly to approve the previously announced merger with Kite Realty Group Trust.

Oak Brook, Ill. — Inland Diversified Real Estate Trust stockholders have voted overwhelmingly to approve the previously announced merger with Kite Realty Group Trust. Assuming all conditions to closing the merger have been satisfied, it is expected to close on or after July 1, 2014.

June 13, 2014

Express Inc. confirmed that it has received a letter from Sycamore Partners, which has a 9.9% stake in the retailer, indicating that the private equity firm is interested in acquiring the company.

Columbus, Ohio — Express Inc. confirmed that it has received a letter from Sycamore Partners, which has a 9.9% stake in the retailer, indicating that the private equity firm is interested in acquiring the company. In response, Express adopted a one-year “poison pill” shareholder rights plan that would double its shares of common stock in the event any stockholder acquires 10% or more of the company.

June 9, 2014

Family Dollar Stores has adopted a one-year shareholder rights plan to prevent investors from gaining sizable control of the company. The move follows the disclosure on Friday that activist investor Carl Icahn has amassed a 9.39% stake in the retailer over the past two months, making him its largest shareholder.

Matthews, N.C. — Family Dollar Stores has adopted a one-year shareholder rights plan to prevent investors from gaining sizable control of the company. The move follows the disclosure on Friday that activist investor Carl Icahn has amassed a 9.39% stake in the retailer over the past two months, making him its largest shareholder.

In the filing on Friday, Icahn said he plans to push Family Dollar management to explore strategic changes, and that he might also seek board seats.

May 29, 2014

Frederick's of Hollywood Group Inc. shareholders approved, at a special meeting of shareholders held May 28, the previously disclosed merger agreement that provides for the acquisition of the company.

Hollywood, Calif. - Frederick's of Hollywood Group Inc. shareholders approved, at a special meeting of shareholders held May 28, the previously disclosed merger agreement that provides for the acquisition of the company. The merger was approved by more two-thirds of the aggregate voting power of the company's common stock.

May 6, 2014

U.S. retail and consumer merger & acquisition activity during first quarter 2014 was primarily driven by five multibillion dollar transactions, with more than half aligned to the food and beverage sector, confirming a positive deals outlook for the year, according to PwC’s U.S. retail and consumer deals insights first quarter 2014 report.

New York -- U.S. retail and consumer  merger & acquisition activity during first quarter 2014 was primarily driven by five multibillion dollar transactions, with more than half aligned to the food and beverage sector, confirming a positive deals outlook for the year, according to PwC’s U.S. retail and consumer deals insights first quarter 2014 report.
   

April 11, 2014

Safeway Inc. has received a request for additional information and documents from the Federal Trade Commission ("FTC") in connection with the FTC's review of the previously announced agreement and plan of merger among Safeway and Albertson’s.

Pleasanton, Calif. -- Safeway Inc. has received a request for additional information and documents from the Federal Trade Commission ("FTC") in connection with the FTC's review of the previously announced agreement and plan of merger among Safeway and Albertson’s.

April 7, 2014

Signet Jewelers Limited and Zale Corporation have announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the proposed acquisition of Zale by Signet.

Hamilton, Bermuda -- Signet Jewelers Limited and Zale Corporation have announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the proposed acquisition of Zale by Signet.

The expiration of the HSR Act waiting period satisfies one of the conditions to the closing of the proposed acquisition, which remains subject to approval by Zale’s stockholders and certain other customary closing conditions.

February 27, 2014

An overwhelming majority of retail CFOs (96%) expect merger & acquisition (M&A) activity to increase or remain consistent with 2013 levels during 2014.

Chicago -- An overwhelming majority of retail CFOs (96%) expect merger & acquisition (M&A) activity to increase or remain consistent with 2013 levels during 2014. According to the new BDO Retail Compass Survey of CFOs, two-thirds of CFOs anticipate that the majority of deal activity will occur in the U.S., followed distantly by Asia-Pacific (17%) and Europe (8%).

February 24, 2014

Men's Wearhouse has increased its purchase offer for Jos. A. Bank Clothiers Inc. to $63.50 per share, or about $1.78 billion, from $57.50 per share, or about $1.6 billion.

Houston - Men's Wearhouse has increased its purchase offer for Jos. A. Bank Clothiers Inc. to $63.50 per share, or about $1.78 billion, from $57.50 per share, or about $1.6 billion.

The retailer said it may increase its bid to $65 a share, or about $1.82 billion, if Jos. A. Bank agrees to halt its planned acquisition of Eddie Bauer and lets Men’s Wearhouse conduct limited due diligence. On Feb. 14, Jos. A. Bank agreed to buy Eddie Bauer for $825 million, but reserved the right to terminate the deal if a superior transaction emerged.

February 10, 2014

Retail and consumer (R&C) total transaction value in the United States for 2013 surpassed $100 billion for the first time since 2008, according to PwC’s US retail and consumer deals insights 2013 Year in Review and 2014 Outlook report.

New York -- Retail and consumer (R&C) total transaction value in the United States for 2013 surpassed $100 billion for the first time since 2008, according to PwC’s US retail and consumer deals insights 2013 Year in Review and 2014 Outlook report. Deals in the food and beverage sector and private equity (PE) investment in the apparel, footwear and accessories sector continued to drive activity in the R&C industry.

January 20, 2014

The Federal Trade Commission (FTC) has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) with respect to the pending merger transaction between The Kroger Co. and Harris-Teeter Supermarkets, Inc.

Cincinnati – The Federal Trade Commission (FTC) has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) with respect to the pending merger transaction between The Kroger Co. and Harris-Teeter Supermarkets, Inc. The early termination of the HSR waiting period satisfies one of the conditions to the closing of the pending merger, which remains subject to other customary closing conditions.

January 3, 2014

Preparing for a potential fight against Men’s Wearhouse’s unsolicited acquisition bid, Jos. A. Bank Clothiers is ramping up its "poison pill" defense.

Hampstead, Md. -- Preparing for a potential fight against Men’s Wearhouse’s unsolicited acquisition bid, Jos. A. Bank Clothiers is ramping up its "poison pill" defense.  

Jos. A. Bank said Friday that it is lowering its ownership threshold to 10% from 20%, which is the same ownership threshold as Men's Wearhouse's shareholder rights plan.

Such a plan typically allows existing shareholders to acquire more stock at a discounted rate to ward off the investor collecting a big stake.

December 13, 2013

Simon Property Group has announced a plan to spin off all of its strip center business along with its smaller enclosed malls into an independent publicly traded REIT called SpinCo.

Indianapolis — Simon Property Group has announced a plan to spin off all of its strip center business along with its smaller enclosed malls into an independent publicly traded REIT called SpinCo.

November 26, 2013

Aeropostale Inc. has adopted a poison pill that would be set into motion if a stockholder buys 10% of the company.

New York – Aeropostale Inc. has adopted a poison pill that would be set into motion if a stockholder buys 10% of the company.  

The struggling retailer said it was not adopting the plan, effective November 26, 2013, in response to any takeover proposal. Rather, the plan aims to provide stockholders with adequate time to fully assess a takeover bid, and, if appropriate, allow the board time to explore alternatives to maximize stockholder value, the company said.

November 6, 2013

Merger and acquisition activity was strong in the retail and consumer industry during the third quarter of 2013.

New York – Merger and acquisition (M&A) activity was strong in the retail and consumer industry during the third quarter of 2013. Data from PricewaterhouseCoopers (PwC) shows that transaction values on M&A deals in the retail/consumer sector rose 112% compared to the same quarter a year earlier.

October 17, 2013

Jos. A. Bank Clothiers Inc. reportedly may consider a hostile takeover bid for Men’s Wearhouse.

Hampstead, Md. – Jos. A. Bank Clothiers Inc. reportedly may consider a hostile takeover bid for Men’s Wearhouse. According to Bloomberg, Jos. A. Bank chairman Robet Wildrick said he would prefer a friendly acquisition but his company is not ruling any options out.

September 19, 2013

Rue21 stockholders have approved the previously announced merger agreement under which funds advised by Apax Partners will acquire the shares of Rue21 for $42 per share in cash.

Warrendale, Pa. -- Rue21 stockholders have approved the previously announced merger agreement under which funds advised by Apax Partners will acquire the shares of Rue21 for $42 per share in cash. Approximately 99.7% of the shares voted at today’s special stockholder meeting voted in favor of the agreement.

September 17, 2013

Safeway Inc. announced that it has adopted a one-year stockholder rights plan, or a “poison pill,” to discourage an unfriendly takeover.

Pleasanton, Calif. -- Safeway Inc. announced that it has adopted a one-year stockholder rights plan, or a “poison pill,” to discourage an unfriendly takeover.

The company adopted the plan after it became aware that unnamed investors had accumulated “a significant amount” of its stock. The investor turned out to be hedge fund company Jana Partners, which disclosed in a filing that it has accumulated a 6.2% stake in the supermarket retailer.

August 22, 2013

J.C. Penney Co. isn’t taking any chances. The retailer on Thursday announced it has adopted a one-year shareholder’s rights plan to protect itself against any future hostile takeover efforts.

Plano, Texas -- J.C. Penney Co. isn’t taking any chances. The retailer on Thursday announced it has adopted a one-year shareholder’s rights plan to protect itself against any future hostile takeover efforts.

August 16, 2013

Alco Stores reportedly has received a takeover bid from its largest shareholder, Everbright Development Overseas Ltd., which is larger than the bid it received on July 25 from Argonne Capital.

Abilene, Kan. – Alco Stores reportedly has received a takeover bid from its largest shareholder, Everbright Development Overseas Ltd., which is larger than the bid it received on July 25 from Argonne Capital. According to Reuters, the Everbright offer of $14.30 per share in cash values Alco at $46.6 million.

In contrast, the previous bid from Argonne offered $14 cash per share, or about $45 million. That offer included a clause allowing Alco to take rival bids through Aug. 23.

June 10, 2013

OfficeMax shareholders will vote on a proposed merger with Office Depot on July 10, in a special meeting to be in Naperville, Ill.

Naperville, Ill. – OfficeMax shareholders will vote on a proposed merger with Office Depot on July 10, in a special meeting to be in Naperville, Ill. Shareholders of record as of May 28, 2013 are eligible to participate.

Shareholders will vote on a merger initially announced by OfficeMax and Office Depot on February 20, 2013. The merger process is ongoing and the transaction is expected to be completed by the end of this year subject to shareholder and regulatory approval.

March 15, 2013

Mergers and acquisitions transaction activity in the U.S. retail sector jumped 39% in 2012 for deals greater than $50 million, while total deal value more than doubled. These gains point to an industry undergoing major changes, one that is attracting considerable interest from a wide range of players.