FINANCE

Kroger Recommends Rejection of Mini-Tender Offer

BY CSA STAFF

Cincinnati Kroger Co., the latest company targeted with an unsolicited tender offer, is recommending that its shareholders reject a recent “mini-tender” bid.

Private Canadian investment firm TRC Capital Corp., offered to purchase up to 3 million shares of Kroger’s common stock at $24 per share. The unsolicited offer, presented on Jan 23, is approximately 3.5% below the $24.87 per share closing price of the grocer’s common stock as of Jan. 22.

Kroger, which is not affiliated with the investment company, recommended against shareholders considering the offer. TRC has made similar “mini-tender” offers to other companies.

These mini-tender bids typically seek less than 5% of a company’s outstanding shares. This allows the bidding company to avoid disclosure and procedural requirements enforced by the U.S. Securities and Exchange Commission.

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Staples expands ink, toner recycling program

BY CSA STAFF

FRAMINGHAM, Mass. Staples announced that beginning Feb. 1, it will expand its ink and toner recycling program to award $3 in Staples Rewards on any brand of type of ink toner to customers who recycle these products.

In 2008, the company recycled more than 22 million ink and toner cartridges. With this program expansion, Staples expects to recycle more than 30 million cartridges in 2009 and become the world’s largest ink and toner recycler.

This expanded recycling program will make it even easier for customers to recycle their ink and toner cartridges while providing new ways to save money and be more eco-friendly. Customers can simply bring empty cartridges to any Staples store, each of which will earn them $3 back in Staples Rewards or Staples Teacher Rewards, on up to 10 cartridges per calendar month. Ink and toner recycling Staples Rewards are sent monthly and can be used on any Staples purchase in store, online or over the phone.

“The emergence of user-friendly ink and toner recycling programs like the one Staples is offering is an important step in helping Americans make more environmentally-friendly choices in their daily lives by keeping valuable products and materials out of the waste stream,” said Matt Hale, director of the Office of Resource Conservation and Recovery of U.S. EPA.

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New competition in Walmart’s backyard

BY CSA STAFF

Target competes with Walmart in virtually every market where its 1,684 stores are located. But this spring, one market of particular interest will be Rogers, Ark.

The rapidly growing community in the Northwest corner of the state is adjacent to the town of Bentonville, where Wal-Mart’s headquarters are located. Target’s new store set to open March 8 is the retailer’s first in Benton County, and the closest to its arch rival’s headquarters. Previously, if Wal-Mart’s home office employees or its suppliers wanted to conduct competitive store visits, they traveled south to Washington County and the town of Fayetteville, where Target has operated a discount store for the past 10 years.

Target’s newest unit at 2404 Promenade Boulevard is adjacent to the new Pinnacle Hills Promenade mall. The new mall was a godsend to area residents hungry for convenient alternatives to shopping at Walmart, and that is likely to be the case with Target as well.

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