Harris Teeter shareholders approver merger with Kroger
Matthews, N.C. — Shareholders of Harris Teeter Supermarkets on Thursday voted overwhelmingly to approve the previously announced merger with The Kroger Co.
Under the terms of the agreement, Harris Teeter shareholders will receive $49.38 per share in cash for each share of Harris Teeter common stock that they own.
Upon closing of the transaction, Harris Teeter’s common stock will no longer be publicly traded and Harris Teeter will be a wholly owned subsidiary of Kroger.
Former Target exec Kelly joins Rexall
Sister publication Drug Store News has learned that Mary Kelly has been appointed EVP and chief merchandising officer at Rexall Pharma Plus.
Kelly, who has more than 26 years of experience leading business teams in Canada and the United States, joins the company after four years at Shoppers Drug Mart, most recently as EVP, merchandising and category management. Prior to that, Kelly served 17 years at Target in a variety of key leadership positions in merchandising and pharmacy, and at Revco Drug Stores and Eli Lilly before that.
"Mary has a wealth of experience in the drug retail industry and we’re excited to have her join our team," noted Rexall Pharma Plus CEO Frank Scorpiniti. "Mary will be an integral contributor as we continue to activate our enhanced brand and customer experience."
In addition, the company also announced that Patrick Heffernan has joined as VP merchandising. Heffernan — who comes to Rexall from Lawton Drugs/Sobeys Pharmacy Group, where he spent eight years in the role of senior director of merchandising and marketing — has more than 18 years of management and operations experience, creating strategic merchandising and marketing plans. Heffernan will lead the category management team in developing and delivering strategies to continue driving front shop results.
Jarden completes acquisition of Yankee Candle
Rye, N.Y. — Jarden Corporation, a global consumer products company, announced that it has completed its acquisition of Yankee Candle Investments LLC from a fund managed by Madison Dearborn Partners for approximately $1.75 billion in cash, subject to final working capital and other adjustments.
In a release, James E. Lillie, Jarden’s CEO stated: “Yankee Candle has compelling growth opportunities, both here and abroad, providing Jarden cross-platform growth potential as well as immediate financial benefits. Yankee Candle will enhance our overall margins, earnings, and cash flow profile and is expected to provide approximately 10% accretion to our adjusted earnings per share, pre synergies."