O’Reilly Automotive Proposes to Acquire CSK Auto
Springfield, Mo. O’Reilly Automotive is proposing to acquire all of the outstanding shares of CSK Auto Corp. common stock for $8.00 per share in cash.
The total transaction is valued at approximately $845 million, including the assumption of approximately $490 million of CSK debt.
The acquisition is expected to be accretive to O’Reilly’s earnings in the first full year after completion of the acquisition excluding one time transaction costs.
Stage Stores says Peebles evp to retire
HOUSTON Stage Stores today announced that Dennis Abramczyk, evp and coo of its Peebles Division, will be retiring after approximately nine years with the company. He will continue to serve in his position until a replacement is found.
Jim Scarborough, chairman and ceo, commented, “We want to thank Dennis for his contributions and service to our company, and we wish him well as he begins this new phase of his life. We will immediately begin a search for his successor, and we are pleased that Dennis will be staying on until the conclusion of our search process, as this will ensure a smooth and orderly transition.”
Home Depot to cut 500 HQ jobs
ATLANTA Home Depot is cutting 500 jobs at its headquarters. According to reports the cuts make up 10% of the 5,000 employees who work at the headquarters.
The cuts are partly due to the struggling U.S. economy, which has hurt market conditions, reports said. Employees were notified of the eliminations today, they will be paid through April 4.
Home Depot reported fiscal 2007 third quarter consolidated net earnings of $1.1 billion, or 60 cents per diluted share, compared with $1.5 billion, or 73 cents per diluted share, in the same period in fiscal 2006.