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Two Home Depot Stores Still Closed From Ike

BY CSA STAFF

Atlanta The Home Depot said Tuesday that, of the 53 stores closed during the worst of Hurricane Ike, all but two have reopened.

The hurricane forced Home Depot to temporarily shutter stores along the Gulf Coast due to the weekend’s tropical weather.

The still-closed stores are in hard-hit Texas communities of Galveston and Houston.

Meanwhile, a convoy of an additional 300 truckloads of supplies was headed to the region, Home Depot said.

“Demand is high and we’re moving product in as quickly as possible,” said company spokesman Ron DeFeo.

Ike came ashore early Saturday morning and caused billions of dollars in damage to the region.

In related news, Mooresville, N.C.-based Lowe’s Cos. has reopened all 58 of its stores closed during the hurricane. Fourteen are operating with limited hours, however.

Lowe’s said its emergency command center was working to make sure clean-up supplies and generators are being delivered to areas hit hard by the weekend storm.

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Walgreens throws hat into Longs buyout ring

BY CSA STAFF

DEERFIELD, Ill. Walgreens has proposed to acquire all of the outstanding shares of Longs Drug Stores for $75 per share in cash for a total purchase price of approximately $3 billion including the assumption of debt. The offer, which is subject to standard regulatory approvals and the completion of due diligence, represents a $3.50 per share premium over the cash purchase price to be paid to Longs shareholders under the proposed acquisition by CVS/Caremark announced on Aug. 12.

“We believe the combination of Walgreens and Longs is a highly compelling transaction that is superior to the pending transaction with CVS/Caremark, accelerates Walgreens expansion into high growth markets and delivers meaningful cost synergies,” said Walgreens chairman and ceo Jeffrey Rein.

Walgreens is working with Lubert-Adler Management Company, LP and Klaff Realty, LP to address any potential store sales in connection with the transaction.

Goldman, Sachs & Co. is serving as financial advisor to Walgreens on this transaction, and Weil, Gotshal and Manges LLP is serving as its legal advisor.

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Netflix, Amazon to run widgets on Yahoo!

BY CSA STAFF

SUNNYVALE, Calif. Yahoo! is allowing companies like Apple and Netflix to add widgets to its pages enabling users to manage their queue of movies from those company without leaving the Yahoo! page they’re on.

According to reports, the changes, which are the first major alterations to Yahoo’s pages in more than two years, will take place over the next few months.

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