O’Reilly Completes Tender Offer for CSK
Springfield, Mo. Auto parts retailer O’Reilly Automotive said Friday that it now owns more than 90% of CSK Auto Corp., and expects the complete the acquisition shortly.
In April, O’Reilly said it would buy CSK for $500 million in a cash and stock transaction, and assume $500 million in CSK’s debt.
O’Reilly said each share of CSK stock tendered was exchanged for 0.4285 of a share of O’Reilly stock, plus $1 in cash. The company said that along with the shares it already owned, it now controls approximately 90.5% of the Phoenix-based company.
The company plans to merge one of its units into CSK, and the new entity will become an indirect wholly owned subsidiary. The acquisition would add CSK’s presence in the western United States to the Midwest, and a southeastern presence for O’Reilly, solidifying its place as the third-largest U.S. auto parts retail chain behind AutoZone and Advance Auto Parts.
Wal-Mart, WWF team up to protect forests
WASHINGTON & BENTONVILLE, Ark. Wal-Mart Stores joined the Global Forest & Trade Network, the World Wildlife Fund’s initiative to save the world’s most valuable and threatened forests. By joining the GFTN, Wal-Mart has committed to phasing out illegal and unwanted wood sources from its supply chain and increasing its proportion of wood products originating from credibly certified sources–for Wal-Mart stores and Sam’s Clubs in the United States.
“With nearly half of the world’s forests already gone, action is urgently needed,” said Suzanne Apple, WWF’s vp for business and industry. “Wal-Mart’s commitment to support responsible forestry answers that call to action. WWF welcomes the company to a global community committed to healthy business and healthy forests.”
The United States is the largest consumer of industrial timber, pulp and paper in the world. The United States is also among the top destinations for imports of wood from areas where illegal logging and trade are common, such as Indonesia, China and Brazil. Thus, the U.S. market is critical to protecting forests worldwide. Wal-Mart’s commitment includes the importation and sale of all wood-based products with an initial focus on wood-based furniture. Wal-Mart sources furniture from the Amazon, Russian Far East, northern China, Indonesia and the Mekong region of southeast Asia. These areas include some of the most biologically diverse places on earth, places that WWF is working to protect.
Within one year, Wal-Mart will complete an assessment of where its wood furniture is coming from and whether the wood is legal and well-managed. Once the assessment is completed, Wal-Mart has committed to eliminating wood from illegal and unknown sources within five years. The company will also eliminate wood from forests that are of critical importance due to their environmental, socio-economic, biodiversity or landscape values and that aren’t well-managed.
Michaels names Crowley new cfo
IRVING, Texas Michaels Stores has announced that Elaine D. Crowley has been named evp and cfo of the company, effective Aug. 18.
Crowley was most recently senior vp, cfo and treasurer for The Bombay Co. During her 18-year tenure with Bombay, she had direct responsibility for accounting and control, financial planning and analysis, tax, loss prevention, risk management, internal audit, SEC reporting, investor relations and treasury. She also initiated processes to strengthen sales and financial forecasts, expense control, inventory management and cash flow to respond to changing financial needs of the business. Crowley is a CPA with a B.B.A. in accounting from Texas Christian University.
“As the largest retailer of arts and crafts in North America, I believe that Michaels has tremendous opportunities ahead as it continues to expand its global sourcing network and increase market share,” noted Crowley. “I am looking forward to joining the Michaels team and to contributing to its future success.”
“We are very excited to have a chief financial officer with Elaine’s background and experience join our team,” said Michaels ceo Brian C. Cornell. “In addition to her financial acumen, her understanding of supply chain, sourcing, and extensive retail experience make her a great fit for Michaels.”