Stockholders Approve Neiman Marcus Deal
Dallas, Stockholders of The Neiman Marcus Group voted to adopt the merger agreement providing for the acquisition of the company by an investment group. The proposed merger was announced on May 2, 2005, and is expected to be completed during the last calendar quarter of 2005. The new owner will be TPG Advisors and Warburg Pincus & Co.
Approximately 99.7% of stockholders present and voting voted for adoption of the merger agreement. The number of shares voting to adopt the merger agreement represents approximately 74.3% of the total number of shares outstanding and entitled to vote.
Great Atlantic & Pacific Tea Co. Finalizes Sale of A&P Canada
Montvale, N.J., The Great Atlantic & Pacific Tea Company has announced that it has completed the sale of A&P Canada to Metro Inc., a supermarket and pharmaceutical operator in Quebec and Ontario, Canada, for approximately $1.55 billion.
OfficeMax Consolidates Corporate Headquarters
Itasca, Ill., OfficeMax Inc. will consolidate its headquarters in Illinois. It expects to choose a Chicago-area location for the headquarters by the end of September 2005. Currently, OfficeMax’s corporate headquarters is located in Itasca, Ill., and its retail headquarters is in Shaker Heights, Ohio.
Sam Duncan, president and CEO of OfficeMax, said, “Bringing our headquarters’ associates together is a normal progression of the company’s integration efforts and we believe it will facilitate customer service as well as provide better support for our retail and contract businesses. We will emphasize a smooth transition as we consolidate our headquarters, keeping the need of our customers and our associates a priority.”