Sears to List on Nasdaq After Merger
New York City, After nearly 95 years on the New York Stock Exchange (NYSE), Sears, Roebuck and Co. will change its listing to the Nasdaq stock market after its merger with Kmart Holding Corp. In a filing with the U.S. Securities and Exchange Commission on Tuesday, Sears said the move will occur once the merger is complete. The combined company will be called Sears Holdings Corp.
Sears has been on the NYSE since 1910, and enjoys the exchange’s elite single-letter listing.
“It should be understood that Kmart, a Nasdaq-listed company, was the acquiring company in this transaction. Sears’ application for a Nasdaq quotation was expected,” said a NYSE spokesman.
May-Federated Reportedly Differ Over Price
New York City, Price has emerged as the primary sticking point as Federated Department Stores explores the possible takeover of May Department Stores, The Wall Street Journal reported today. The newspaper said that while Federated’s CEO Terry Lundgren met recently with May’s acting CEO John Dunham, there are no signs suggesting a deal is upcoming, and the two differ over the price May would accept.
Fred Meyer Launches New Loyalty Card
Portland, Ore., Fred Meyer announced the launch of its new Fred Meyer Rewards Card. Under the program, customers will receive a rebate for using the card when they shop Fred Meyer, earning one “point” for every five dollars. If a customer earns at least 100 points during a 13-week period, he or she qualifies for a rebate. The rebate will be mailed to customers at the end of the 13-week period.