Office Depot Parent Rebuffs Staples Bid, Eyes Alternative Deal
ODP says Staples offer would expose the Office Depot parent to material uncertainty. It proposes a possible alternative deal idea.
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ODP (
ODP) - Get Report, Office Depot s parent, on Tuesday said it rebuffed a $2.1 billion takeover offer from Staples but suggested a possible alternative deal.
Shares of ODP, the Boca Raton, Fla., parent of the office-supplies retailer, at last check were falling 1.9% to $45. Staples is held by the New York private-equity firm Sycamore Partners.
In a letter to Sycamore, ODP Chairman Joseph Vassulluzzo said its board unanimously concluded that there is a more compelling path forward to create value for ODP and its shareholders than the potential transaction described in your proposal.
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
First Busey Corporation and Cummins-American Corp. to Merge
First Busey CorporationJanuary 19, 2021 GMT
CHAMPAIGN, IL and GLENVIEW, IL, Jan. 19, 2021 (GLOBE NEWSWIRE) First Busey Corporation (Busey) (NASDAQ:BUSE), the holding company for Busey Bank, and Cummins-American Corp. (CAC), the holding company for Glenview State Bank (GSB), today jointly announced the signing of a definitive agreement pursuant to which Busey will acquire CAC and GSB through a merger transaction. The partnership will enhance Busey’s existing deposit, commercial banking and wealth management presence in the Chicago-Naperville-Elgin, IL-IN-WI Metropolitan Statistical Area (MSA). Through this transaction, Busey’s deposit share ranking improves from #32 to #20 in this MSA. Chicagoland is the largest MSA in Illinois and the Midwest. The Chicagoland MSA includes the Illinois Counties of Cook, DuPage, Will, McHen
David Thompson
David Thompson, who has died aged 84, was a Smithfield meat trader turned takeover tycoon who became an influential figure in racing as the owner of Newmarket’s historic Cheveley Park Stud.
Thompson’s master company, Hillsdown Holdings, was a hot stock of the 1980s boom years, expanding at breathless pace to become Britain’s largest producer of eggs, meat and canned foods, including own-label products for supermarket chains, in addition to interests in timber, furniture, stationery and property. Best known for its poultry interests, Hillsdown offered everything from breeder hens for egg producers to frozen Chicken Kievs.
After floating in 1985, Hillsdown completed more than 40 acquisitions in two years – usually buying undervalued businesses on friendly terms and allowing them to continue operating under their own names. A rare venture into the contested takeover arena was an unsuccessful £500 million bid in 1986 for the commodity trader S & W Berisford.
De La Rue chief executive banking on turnaround in company fortunes
Vacher positive for future after overseeing changes at firm behind billions of the world’s banknotes
Clive Vacher has been hired to help turn around fortunes at De La Rue
Credit: Bloomberg
‘It was a company in need of a good, old-fashioned, no-holds-barred turnaround,” says De La Rue boss Clive Vacher, explaining what attracted him to the business he has led since October 2019.
The company known for designing and printing banknotes, including for the Bank of England, had been through the wringer. Reeling from losing the contract to produce UK passports to a French rival and facing shareholder unrest, when Vacher took the reins, De La Rue’s shares had crashed.
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Donegal Group Inc. Announces Inclusion of Mountain States Insurance Business in Donegal .
Donegal Group, Inc.January 15, 2021 GMT
MARIETTA, Pa., Jan. 15, 2021 (GLOBE NEWSWIRE) Donegal Group Inc. (NASDAQ:DGICA) and (NASDAQ:DGICB) today announced that its 2021 consolidated financial results will begin to include the business Donegal Mutual Insurance Company (“Donegal Mutual”) and its subsidiaries generate in four Southwestern states. Donegal Mutual and its subsidiaries have marketed commercial products in the Southwestern region as the Mountain States Insurance Group (“Mountain States”) since the May 2017 merger of Mountain States Mutual Casualty Company with and into Donegal Mutual. For the year ended December 31, 2020, Mountain States had net premiums written of approximately $48.5 million in the states of Colorado, New Mexico, Texas and Utah.