Wal-Mart Establishes Minority-Business Equity Fund
Bentonville, Ark., Wal-Mart Stores Inc. announced it would invest $25 million to establish a private-equity fund to invest in businesses controlled by women and minorities.
The co-investment management fund will have an allocation life of five years. It will be managed by Dallas-based Aldus Equity.
Kroger, Virginia Union Reach Agreement
Cincinnati, The Kroger Co. has reached a tentative agreement with the union representing about 3,500 Kroger associates at 47 stores in Virginia, West Virginia and Tennessee.
Details have not yet been released.
Goody’s And ShopKo Get New Bids
New York City, The acquisition process surrounding Goody’s Family Clothing and ShopKo Stores became much more complicated. Goody’s Family Clothing Inc. received takeover bid number two, this one from an undisclosed buyer offering to purchase the clothing retailer for $8.85 per share. The 369-store chain had agreed in principal to be acquired by a previous bid from Sun Capital Partners for a lower price. The latest offer is net of the termination fee and expenses for the earlier takeover agreement, and may be raised after the completion of due diligence, according to Goody’s.
ShopKo is asking its two bidders to make a “best and final” offer. Sun Capital Partners and Goldner Hawn Johnson & Morrison are engaged in a bidding war for the Green Bay, Wis.-based chain. Sun Capital offered its $806 million bid, prompting an $822 million bid from Goldner Hawn Johnson & Morrison.