Analyst take: McKesson may make second attempt at Celesio
NASHVILLE, Tenn. — McKesson may take another bite of the Celesio apple, suggested Sterne Agee analyst Greg Bolan in a note published Monday.
"At the JP Morgan healthcare conference, CEO John Hammergren made it clear that they will not overpay for assets and that 23.5 euros was the limit for Celesio," Bolan noted. "Now that the Celesio tender offer has officially expired, McKesson would need to create a new tender offer. We think the company has come this far and would think they re-engage Celesio shareholders to inquire whether 75% of shares will be tendered at 23.5 euros."
If McKesson did make a second go of it, Celesio shareholders may approve the deal this time. "With Celesio shares currently trading 11% below the deal price, we would think any dissenting shareholders may be swayed due to the certainty of a tender offer, assuming of course that McKesson decides to resubmit an offer," Bolan wrote. "With all of the work McKesson has committed to this deal, we would have to think the company makes one more attempt for Celesio."
Former Barnes & Noble exec to lead Sam’s Club e-commerce site
NEW YORK — Former Barnes & Noble executive Jamie Iannone has been appointed president and CEO of Samsclub.com in a restructuring that integrates Sam’s Club’s online business into the Walmart’s Global eCommerce business unit based in California. Previously, most of the warehouse club’s online business was run separately out of the retailer’s headquarters in Bentonville, Ark.
Iannone previously served as president of digital products at Barnes & Noble and oversaw the book seller’s Nook Media unit. He left the bookseller at the end of 2013.
His appointment was announced in a joint statement distributed internally at Walmart by Sam’s Club president and CEO Rosalind Brewer and Walmart Global eCommerce president and CEO Neil Ashe.
Supervalu names Jerry Storch chairman, succeeds Robert Miller in that capacity
MINNEAPOLIS — Supervalu on Monday elected retail executive Jerry Storch as the company’s new chair of its board of directors. The appointment comes after Robert Miller, who served as chairman Supervalu since March 2013, announced he would resign his chairman position to focus on other demands.
“We are thrilled to have Jerry Storch as our new non-executive chairman of the Supervalu board of directors. Jerry’s tremendous experience in food and specialty retailing makes him especially well qualified for this role," stated Supervalu director Phil Francis. “At the same time, we are very grateful to Bob Miller, who is truly a giant in the retail grocery industry, for his service on the Supervalu board of directors. The board will continue to consult with Bob as a non-paid advisor to the board as we move forward, and we are both pleased and fortunate that Bob is willing to assist in this capacity.”
Storch is chairman and CEO of Storch Advisors, a senior management advisory and consulting firm that focuses primarily on retailing, e-commerce, consumer products and services, and consumer financial services. From 2006-2013, Storch was chairman and CEO of Toys “R” Us, where he helped grow the company into a $13 billion global retailer, including expanding the company’s e-commerce business and overseeing several large-scale mergers and acquisitions.
Prior to his tenure at Toys “R” Us, Storch served as vice chairman of Target, a $70 billion retailer. During more than a decade with Target, Storch led the retailer’s e-commerce site, target.com, the Target grocery business, and the Target Financial Services credit card business, and oversaw Marshall Field’s Department Stores. He currently serves as a member of the board of directors of Bristol Myers Squibb and Fanatics. Storch received a Master of Business Administration from Harvard Business School, a Juris Doctor from Harvard Law School and holds a Bachelor of Arts from Harvard College.