Shopko Receives Acquisition Proposal
Green Bay, Wis., Shopko Stores announced it has received a proposal contemplating the acquisition of the company for $26.50 per share. The unsolicited, non-binding proposal is from Sun Capital Partners Group IV, Developers Diversified Realty Corp., Lubert-Adler Partners and Elliott Management Corp.
The proposal is not subject to any financing contingency and states that the acquirer would discharge Shopko’s breakup fee obligation to Badger Retail Holding upon the execution of a merger agreement.
According to Shopko, its special committee of the board of directors continues to recommend the existing $25.50 per share transaction with Badger Retail Holding.
OfficeMax Chooses New HQ
Shaker Heights, Ohio, OfficeMax has selected Naperville, Ill., as the site of its new corporate headquarters, thanks to a $20 million incentive by Gov. Rod Blagojevich. OfficeMax will bring 700 jobs to Illinois as a result of the move.
The move from the retail headquarters in Shaker Heights to Naperville will take place late next spring.
Wal-Mart Takes Controlling Stake in Seiyu
Tokyo, Japanese supermarket retailer Seiyu has announced that Wal-Mart Stores is raising its stake in Seiyu from 42% to more than 50% by December. The move will turn Seiyu into a Wal-Mart subsidiary and expand Wal-Mart’s foothold in the world’s second largest retail market.
Wal-Mart will purchase up to $597 million worth of $1 billion in new shares issued by Seiyu. The remaining shares will be acquired by a Japanese bank and other investors, according to Seiyu.
Wal-Mart, since arriving in Japan in 2002, has been gradually raising its stake in Seiyu, which operates more than 400 stores.