Safeway settles merger actions
Pleasanton, Calif. – Safeway Inc. has entered into a memorandum of understanding to settle the consolidated class action pending in Delaware state court filed on behalf of alleged Safeway stockholders against Safeway in connection with Safeway’s proposed merger with an affiliate of AB Acquisition LLC. The proposed settlement includes moving the expiration date of Safeway’s “poison pill” shareholder rights plan three months ahead to June 19, 2014.
The settlement also reduces the deadline to sell Safeway’s interests in Mexican retail chain Casa Ley to three years from four years. If Safeway’s equity interest is not sold by the deadline, holders of contingent value rights under a Casa Ley agreement would receive fair market value of the unsold value. Under previous terms, contingent value rights holders would not have received any unsold value.
The proposed settlement must be approved by the court and Safeway said it believes the claims of the suit are without merit and it will fight the suit in court if the settlement is not approved.
Sears Canada enters Calgary North Hill development agreement
Toronto – Sears Canada Inc. has entered into a binding agreement with Concord Pacific Group of Companies to pursue the development of the 12-acre Sears site located at the North Hill Shopping Center in Calgary, Alberta. Closing under the agreement is conditional upon satisfaction of conditions such as site investigations and obtaining the approval from the city of Calgary for the project, which are expected to take some time.
Sears Canada plans an infill project consisting of residential high-rises, with a potential retail component. The arrangement contemplates the sale of a 50% interest in the site for a value of approximately $15 million, to Concord, following which the parties would enter into a co-ownership joint arrangement. If third-party debt financing cannot be obtained, Concord, and not Sears, will be responsible for providing debt financing to develop the project. Sears Canada said the project may not be completed based upon a multitude of internal and external factors.
"Sears has been part of the Calgary landscape since 1958 and we are excited about the possibilities for the North Hill site as conceptualized by Concord and Sears," said Doug Campbell, president and CEO, Sears Canada Inc. "We plan to continue operating our store at North Hill as we have for almost six decades and seeing this new development adding positively to the landscape and economy of Calgary. We look forward to working together with Concord and moving the project forward."
Pitney Bowes unveils Mailstream On Demand
Pitney Bowes has launched Mailstream On Demand — a tool designed to give small and midsize businesses an outsourced solution to better manage their transactional document design, production and delivery across physical and digital channels.
“As customer preference for receiving transactional communications continues to evolve, small and midsize businesses are searching for innovative solutions to better manage their customer communications and leverage emerging digital channels,” said Steve Barnes, VP, global product management, Pitney Bowes. “SMBs can now benefit from the latest technology, expertise and capabilities, previously affordable to only the highest volume mailers. Mailstream On Demand also makes it easy to migrate to digital communications channels.”
From document design to customer delivery and all the steps along the way, Mailstream On Demand uses the latest technology and process automation to help ensure document integrity and swift delivery. In addition, color documents are standard, enabling more effective cross-selling and lower client support costs. Mailstream On Demand is fully scalable, allowing clients to access the service as needed for certain higher value or higher volume applications, spikes in volume, business continuity or to expand their digital options for receiving bills and making payments.
Mailstream On Demand users will also have the option of delivering their transactional communications via Inlet, a technology platform designed to enable rich company and consumer relationships. Developed by Pitney Bowes and Broadridge Financial Solutions, Inlet gives consumers access to important documents through the online channels they already use, and offers companies a secure, customizable space to provide these documents and build relationships with customers on a daily basis.
Clients can also manage mailed payments with the Mailstream On Demand Lockbox Service or add web payment methods using the Mailstream On Demand ePay Service. For physical mail, Mailstream On Demand enables clients to gain postal discounts by aggregating the mail to reach required minimums they wouldn’t meet on their own.