Arcos Dorados Holdings, a large South American franchisee of U.S. fast-food chain McDonald’s sold more shares than originally planned at a price above the proposed range in an IPO on Wednesday, a source familiar with the deal said. Get the full story »
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EBay to buy GSI in $2.4 billion deal
EBay plans to buy e-commerce company GSI Commerce for $1.96 billion in cash in a bid to draw more buyers and sellers to its online marketplaces and win more business from large store chains. Get the full story »
Harris Bank parent aims for five-fold profit jump
Bank of Montreal aims to more than quintuple annual earnings from its U.S. operations, following the $4.1 billion acquisition of U.S. lender Marshall & Ilsley. Get the full story »
Walgreens to expand fresh food offerings at stores
Chicago Mayor Richard Daley tours a Walgreens store at 1533 67th Place in Chicago. (Terrence Antonio James/Chicago Tribune)
Walgreen Co. plans to expand its fresh food offerings in several hundred stores in coming years, company chief executive officer Greg Wasson told shareholders this afternoon.
Addressing 2,500 shareholders at the company’s annual meeting at Navy Pier on Chicago’s lakefront, Wasson said such stores fit the company’s strategy to evolve from a “retail drugstore to a retail ‘health and daily living store.’”
Walgreen Co., which offers more and more health and wellness needs, began to test out fresh foods such as fruits and vegetables last year, particularly in poor urban markets where access to healthy food choices is a problem. Get the full story »
Packaging giant Reynolds closes Pactiv acquisition
Reynolds Group Holdings Ltd., maker of aluminum foil and other packaging products, announced Tuesday that it has completed its acquisition of rival Pactiv Corp., paying shareholders $4.6 billion.
Buffett sells Carmax, Home Depot stakes
Warren Buffett’s Berkshire Hathaway no longer held stakes in used car retailer Carmax, home improvement retailer Home Depot or waste manager Republic Services as of September 30, according to a filing with securities regulators on Monday. Get the full story »
Allstate, Prudential return cash to investors
Insurers Allstate Corp. and Prudential Financial announced plans to return cash to shareholders Tuesday with a stock buyback plan and dividend increase, respectively. Get the full story »
SEC queried Buffett’s Berkshire on loss accounting
The U.S. Securities and Exchange Commission questioned Warren Buffett’s Berkshire Hathaway in the second quarter on why it was not writing down large losses on shares in Kraft and US Bancorp, but the company insisted its accounting was right. Get the full story »
Genzyme makes case for demanding higher Sanofi bid
Genzyme Corp. made its case for why it is worth more than Sanofi-Aventis’s $18.5 billion offer, forecasting 2011 profit above Wall Street estimates and sales of $3 billion for its experimental multiple sclerosis drug. Get the full story »
MB Financial swings to loss in third quarter
Bank holding company MB Financial Inc. said Friday it recorded a loss for the third quarter as its provision for loan losses grew $20 million from a year earlier. Get the full story »
Fannie, Freddie may need another $215 billion
The cost for the huge government bailouts of housing finance giants Fannie Mae and Freddie Mac will grow — and possibly more than double to $363 billion — over the next three years.
But the taxpayer loss depends mainly on the health of the economy and the real estate market, a federal regulator said Thursday. Get the full story »
Monsanto receives unsolicited mini-tender offer
Monsanto said it received a unsolicited mini-tender offer on Tuesday by TRC Capital Corp. to purchase 2 million shares of stock at $54.15 per share. That offer, the company said, is 5.5 percent below the $57.30 Monsanto’s shares were selling by closing price on Tuesday.
Blockbuster shareholder group stands up to Icahn
A large group of Blockbuster Inc. shareholders is seeking a better offer for the bankrupt movie rental chain than the deal that would put billionaire Carl Icahn and a group of hedge funds in control.
Shareholder Greg Maggipinto said he and other investors who own up to 40 percent of the stock think Icahn’s deal, which would wipe out his holdings, undervalues the company. Get the full story »
Oct. 18, 2010 at 10:56 a.m.
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Filed under: Chicago executives, Investing, Retail, Stock activity J.C. Penney adopts rights plan to thwart Ackman
J.C. Penney’s board approved a “poison pill” designed to fend off potential takeover threats after hedge fund manager William Ackman acquired one-sixth of the retailer. The company’s shares fell 3 percent on the news. Get the full story »
Murdoch: Political donations made in ‘best interest’ of his company
Rupert Murdoch, seen here with his wife Wendy Deng in 2007, was quizzed Friday over News Corp.'s political donations. (AP Photo/Douglas C. Pizac)
News Corp. shareholders on Friday quizzed Chief Executive Rupert Murdoch and his fellow directors over the process by which the company makes donations to political organizations.
The directors faced several questions at the company’s annual general meeting from individual shareholders and shareholder activists about a recent decision to donate $1 million each to the Republican Governors Association and U.S. Chamber of Commerce. The gifts are being made in the run-up to U.S. congressional mid-term elections on Nov 2.
Murdoch said he and the board believed the donation was made in the “best interest of the company.” Get the full story »
