Mergers & Acquisitions

Tampa, Fla. — Burger 21 has signed its first franchise agreement in Arizona. The deal will bring the first Burger 21 restaurant in the western U.S. to Chandler, Ariz., expanding the brand’s footprint to nine states.

The franchisee plans to open in Chandler next year and then to pursue a second unit in Phoenix. To date, Burger 21 has nine open locations and 17 franchised restaurants in development across the country.

Boca Raton, Fla. -- Office Depot is making a public offer to its largest shareholder, Starboard Value LLP, to settle a dispute about who should serve on its board of directors. In a press release, Office Depot said that if CEO Selection Committee members Tom Colligan and Marsha Evans are re-elected, the company would immediately invite to its board of directors any of the three Starboard nominees recommended by proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis who are not elected.

NORTHRIDGE, Calif. — Pharmavite LLC, one of the largest U.S. manufacturers of vitamins, minerals and other dietary supplements, has appointed Timothy Toll as its new EVP of sales.

Wayne, N.J. -- Toys “R” Us announced that it has introduced its own gift card program in its stores throughout China. Gift cards are now available for purchase in its 41 locations, and can be redeemed in any Toys “R” Us store in the country.
 

BENTON HARBOR, Mich. — Whirlpool Corporation has entered into agreements to become a majority shareholder in Hefei Rongshida Sanyo Electric Co. Ltd., a leading home appliances manufacturer based in Hefei, China.

Through this transaction, a Whirlpool Corporation subsidiary will acquire all shares currently owned by Sanyo Electric Co. Ltd. and Sanyo Electric Co. (China) Ltd., and purchase new Hefei Sanyo shares via a private placement.

New York -- J.C. Penney Co. announced that activist investor and hedge fund manager Bill Ackman has resigned from the board of directors of the company, effective Aug. 12. His resignation comes in the wake of a very public and heated campaign in which he called for the ouster of Penney interim CEO Myron Ullman and chairman Thomas Engibous.

Hilton Head Island, S.C. — SERG Restaurant Group has announced that it has signed a letter of intent to create of a new restaurant for Shelter Cove Town Center. The concept for the new restaurant has been in development for three years and will open in 2014. Details were not announced.

New York -- Online shopping site Gilt has appointed Tracey Weber as COO, effective Sept. 3.  She will have responsibility for many of Gilt's operations, including Gilt City, international, customer service, and merchandise planning, as well as oversee several new strategic initiatives.
   
Weber joins Gilt from Citibank, where she was the managing director, North America Internet and mobile and global product.