Domino’s Pizza joins EPA SmartWay program
Ann Arbor, Mich. — Domino’s Pizza announced that it joined the SmartWay Transport Partnership, a collaboration between the U.S. Environmental Protection Agency and industry that provides a framework to assess the environmental and energy efficiency of goods movement supply chains.
Domino’s Pizza will contribute to the Partnership’s savings of 1.5 billion gallons of fuel, $3.6 billion in fuel costs, 14.7 MMT of carbon dioxide, 215,000 tons of oxides of nitrogen and 8,000 tons of particulate matter.
"We are proud to participate with the EPA in support of working toward more environmentally efficient freight shipments," said Mary Long, Domino’s VP logistics and network planning. "It provides a great forum to share best practices and see what other SmartWay partners are doing to reduce fuel consumption."
Best Buy and Schulze in due diligence deal
Minneapolis — Best Buy Co. announced Monday that it has agreed to let founder and former chairman Richard Schulze conduct due diligence and form an investment group with private equity sponsors as he tries to take the retailer private.
Best Buy said its agreement with Schulze establishes a non-exclusive, orderly process that satisfies his requests and protects the interests of shareholders.
Schulze said he was pleased by the agreement, which follows more than a week of negotiations between the two parties. Schulze has proposed buying the company for up to $8.8 billion. But Best Buy has been cautious, and has emphasized a turnaround effort that will be led by its newly announced incoming CEO, Hubert Joly.
Under the terms of the arrangement, Schulze will get access to non-public information and can propose a fully financed bid within 60 days after the due diligence period begins. In certain circumstances, the period may be extended.
The agreement also calls for the waiver of a Minnesota law in order to allow Schulze to work with private equity partners.
Should a transaction be proposed and the board rejects it, Schulze has agreed not to pursue an acquisition until January 2013.
Best Buy is offering Schulze two seats on Best Buy’s board, though he cannot hold onto them if he takes an offer directly to shareholders or if he violates his agreement.
Schulze moves closer to Best Buy buyout
MINNEAPOLIS — Richard Schulze has moved one step closer to achieving his goal of acquiring Best Buy. The company has agreed to let its founder and former chairman access to certain due diligence information and form an invesment group so that he may continue his efforts to attempt to buy the company.
Best Buy stated that the agreement establishes a non-exclusive, orderly process which satisfies the requests made by Schulze, while at the same time protecting the interests of all shareholders. In turn, Schulze said he was pleased with the agreement as well.
Under the terms of the agreement, Schulze, his advisors, potential investors and debt financing sources will have the opportunity to make a fully-financed proposal within 60 days after the due dilegence period begins. In additon, the agreement allows Schulze and his associates to bypass Minnesota law in order to present their proposal to the Best Buy board of directors.
If Best Buy rejects the proposal, Schulze has agreed not to pursue an acquisition until January 2013. However, if the first transaction proposal is rejected, Schulze would have the opportunity to present a second transaction proposal beginning in January 2013. The board of Best Buy would have 30 days to review the second transaction proposal before Schulze would have the opportunity to take an offer directly to shareholders at the 2013 annual meeting or at a special meeting. If Schulze is unsuccessful in getting his offers approved by the board or by the shareholders, then he has agreed not to pursue an acquisition until the expiration of the one year term of the agreement.
Best Buy has also agreed to give Schulze two board seats, so long as he does not violate the standstill provisions of the cooperation agreement.
Best Buy made it clear that there’s no guarantee that Schulze would be successful in making an offer to acquire Best Buy or that the board would accept it.