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Private-Equity firm to acquire Dollar General
By TIMES WIRES
Published March 13, 2007
Dollar General Corp. said Monday its board has agreed to a buyout offer of about $6.9-billion from private-equity firm Kohlberg Kravis Roberts & Co. in a deal that will take the discount retailer private. Dollar General shareholders must still approve the deal. The company's board is recommending that its shareholders vote for it and the company said it could close in the third quarter. The discount retailer, which has a strong presence in the Tampa Bay area, operates about 8,260 stores and has about 64,500 workers. Dollar General in November announced plans to close 400 stores and open about 300 new locations. New York Drugmaker to buy rival for $14.4B Schering-Plough Corp. said Monday it will buy the drug unit of Netherlands-based Akzo Nobel NV for $14.4-billion, giving the U.S. pharmaceutical company an array of women's health products while bolstering its animal health business and late-stage pipeline of experimental medicines. The approximately $4.9-billion in revenue from Organon Biosciences would bulk up Schering-Plough's sales by about half. The acquisition will be financed through a mix of cash, debt and equity, Schering-Plough said. New debt is expected to total $6-billion to $8-billion. Deerfield, Ill. Ex-Outback exec to lead Illinois chain Robert Merritt, former chief financial officer of Tampa's Outback Steakhouse parent, now known as OSI Restaurant Partners, was named Monday to serve as interim CEO of the restaurant chain Cosi Inc. He succeeds Cosi chief Kevin Armstrong, who resigned for health reasons. Merritt is a director of Cosi, an Illinois-based restaurant chain specializing in sandwiches and flatbreads. Washington T-bill rates mixed Interest rates on short-term Treasury bills were mixed in Monday's auction, with three-month bills unchanged while six-month bills rose to the highest level in two weeks. The Treasury Department auctioned $21-billion in three-month bills at a discount rate of 4.965 percent, unchanged from last week. An additional $17-billion in six-month bills was auctioned at a discount rate of 4.920 percent, up from 4.855 percent last week.
[Last modified March 13, 2007, 01:58:20]
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