Reuters: McKesson preparing to offer concessions to save planned acquisition of Celesio
FRANKFURT, Germany — McKesson is preparing to offer concessions to hedge fund Elliott to save its planned acquisition of Celesio, Reuters reported Wednesday morning, citing people familiar with the deal.
Elliott almost has a large enough stake in Celesio to block the deal and has rejected the $8.3 billion acquisition offer.
According to the report, Elliott has 25.2% of the voting rights in Celesio but when shares from Celesio’s two convertible bonds are taken into account, the investor’s voting stake is 22.7%, below the 25% it would technically need to block the deal.
Reports: Polar vortex drives blizzard of sales for some retailers
NEW YORK — At least two retailers in areas affected by record-low temperatures that have put much of the country under a deep freeze have seen a big spike in sales as consumers stock up on supplies, according to published reports.
The Lexington, Ky., Herald-Leader reported that shoppers at Meijer and Kroger stores in the state had cleared shelves of food items like break, milk, soup and beer. Neither retailer would release sales numbers, but Meijer said its stores were "very busy," while shopper traffic at Kroger rivaled that of the busiest days of the holiday shopping season, and the company’s distribution center had to call in extra workers and truck drivers to replenish store shelves.
The effects on retail sales of the cold snap affecting two-thirds of the United States this week remain to be seen. The weather phenomenon known as the polar vortex, a mass of freezing-cold air from the Arctic, has caused temperatures to fall below zero in much of the United States, with wind chills as low as 50 degrees below zero, prompting the National Weather Service to discourage people in many areas from venturing outside. Many retailers in the Northeast saw upticks in sales in the days leading up to Hurricane Sandy in October 2012 as consumers stocked up on supplies to weather the storm, but store closures and other factors weighed down on retail sales for the month of November.
Food Lion kicks off Store Brand Super Sale
SALISBURY, N.C. — Food Lion is enabling shoppers to earn up to $10 in free groceries each time they buy store brand products via a promotion that runs through Jan. 14.
During the Store Brand Super Sale, shoppers who purchase at least four store brand products using their Food Lion MVP card earn a money-saving coupon. The coupon is redeemable on the customer’s next grocery bill.
Customers receive $1 in coupons for the first four store brand products they purchase, and 25 cents back for each additional store brand product they buy. Shoppers can purchase up to 40 store brand items to earn a total of $10 in one shopping trip. The deal can be repeated as many times as desired through Jan 14.
Store brand products included in the super sale include Food Lion brand, my essentials, Home 360, Home 360 Baby, Home 360 Pet, Healthy Accents, Nature’s Place and Taste of Inspirations.