Wal-Mart Starts $2.66B Tender Offer for Chile’s D&S
Santiago, Chile Wal-Mart launched on Tuesday its $2.66 billion tender offer for all of the issued and outstanding shares, including American Depositary Shares, of Chile’s leading supermarket D&S.
The offer was for 40.8 cents a share of D&S, and $24.48 per ADR, equivalent to 60 D&S shares each.
Holders of stock will have from midnight local time on Dec. 24 through midnight on Jan. 22 to accept the offer.
If completed, the deal would give Wal-Mart a foothold in Chile’s highly competitive retail market. Santiago-based D&S is Chile’s largest grocery chain, with more than 140 locations.
Jeffries to continue on as A&F ceo
NEW ALBANY Abercrombie & Fitch announced that it had entered into a new employment agreement with Michael Jeffries, the company’s chairman and chief executive officer.
Jeffries’ prior employment agreement was scheduled to expire on Dec. 31. The new employment agreement, which is being filed with the Securities and Exchange Commission today as an exhibit to a Form 8-K, is scheduled to expire on Feb. 1, 2014.
CVS confirms FY earnings guidance
WOONSOCKET, R.I. CVS Caremark has issued a confirmation of its 2008 earnings guidance range, previously given during the company’s third quarter conference call on Oct. 30.
CVS Caremark expects diluted, adjusted earnings per share of $2.42 to $2.47 for FY 2008, including the impact of the Longs Drugs transaction.
“There is no question that the economy continues to be difficult and consumers are reacting with increasing caution,” said Tom Ryan, chairman, president and ceo of CVS Caremark. “Our total same-store sales for October grew 4.3%, and in November were up 6.1%. It appears that December’s comps will be well short of those levels. Nevertheless, through careful margin and cost management, we expect to be able to deliver results within our previously announced earnings range for 2008.”