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Walgreens: Mini-tender offer is a no-go

BY Allison Cerra

DEERFIELD, Ill. A drug store chain advised shareholders against tendering their shares after being alerted of an unsolicitied “mini-tender” offer.

Walgreens on Wednesday said that the offer, made by TRC Capital, seeks to purchase up to 3 million shares, or approximately 0.3%, of the outstanding Walgreens common stock at a price of $33 per share. The drug store chain said the offer should be rejected since it is below the current market price for the shares and is subject to “numerous conditions.” The offer was received on Nov. 3.

Mini-tender offers occur when a company seeks to acquire less than 5% of stock from another company. TRC Capital, a Toronto-based investment firm, has attempted to acquire stock from various companies, including drug maker Novartis and Philip Morris International.

The Securities and Exchange Commission advises against mini-tender offers, stating that “some bidders make these offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price [with] the current market price.”

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First season of ‘Hot in Cleveland’ arrives on DVD

BY Allison Cerra

LOS ANGELES The first season of TV Land’s "hot" sitcom, starring Betty White, will be available as a two-disc DVD set on Jan. 11.

"Hot in Cleveland," starring TV veterans Valerie Bertinelli (“One Day at a Time”), Jane Leeves (“Frasier”), Wendie Malick (“Just Shoot Me”) and Betty White (“The Golden Girls”), is making its way to DVD. The two-disc set features the 10-episode season and such bonus material as the original full-length pilot, bloopers, featurettes, a set tour and more. The “Hot In Cleveland” season one DVD will be available for the suggested retail price of $26.99.

Season two of the show will premiere Jan. 19 at 10:00 p.m. ET/PT on TV Land.

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Forging ahead with turnaround plan, A&P enters sale-leaseback deal

BY Antoinette Alexander

MONTVALE, N.J. Grocer A&P, which is in the midst of a turnaround, has entered into an agreement with Winstanley Enterprises and certain affiliated entities to sell six of its retail locations for $89.8 million, exclusive of closing costs, in a sale-leaseback deal.

Winstanley agreed to purchase 100% of the company’s interest in six Pathmark retail properties located in New York, New Jersey, Pennsylvania and Delaware. The properties are 95% occupied and leased to A&P.

"This agreement is another step forward in our comprehensive turnaround strategy. We continue to analyze areas across the business to identify ways such as these to further strengthen our financial foundation and improve our performance," stated Sam Martin, president and CEO of A&P.

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