Mergers & Acquisitions

CINCINNATI — Alan George "A. G." Lafley has rejoined Procter & Gamble as president and CEO, the company announced late last week. He succeeds Bob McDonald, who makes his exit from the company after 33 years.

Lafley has also been elected to the board of directors and will serve as its chair. Lafley joined Procter & Gamble in 1977 and served as president and CEO from 2000 to 2009.

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Ace Hardware reported first-quarter revenues of $923.2 million, up 1.7% from the same quarter in 2012. Net income of $4.4 million was down from $10.2 million earned in 2012.

New York -- Rue21 shareholder Apax Partners will acquire the teen apparel retailer in a deal valued at about $1.1 billion. The private equity firm, which has a 30% stake in rue21, also owns Cole Haan and Takko Fashion as part of its retail portfolio.

Rue21 said it has set up a special committee of independent directors to solicit and evaluate higher bids during a 40-day go-shop period.

 

CAMDEN, N.J. — Campbell Soup Company has entered into an agreement to acquire Plum Organics, a provider of premium, organic foods and snacks that serve the nutritional needs of babies, toddlers and children. 

The company is based in Emeryville, Calif. Plum is the No. 2 brand of organic baby food in the U.S. and is currently the No. 4 baby food brand overall. Baby food is an approximately $2 billion category in the United States. From 2010 to 2012, the premium and organic segments grew at an average annual rate of 43%.

New York -- A Reuters report citing unnamed sources said that Belgian grocer Delhaize is looking to sell its U.S.-based Sweetbay and Harveys units as the Food Lion parent looks to ramp up cost-cutting efforts here.

The sources told Reuters that Delhaize has retained Lazard Ltd. to sell off the two supermarket businesses. CEO Pierre-Olivier Beckers said the company was looking at options for the units, but didn’t comment directly on whether advisors had been appointed to conduct the sale.

DALLAS — Zale Corporation, a specialty retailer of diamond and other jewelry products, has elected former Signet CEO Terry Burman as a director and as chairman of the board. John B. Lowe Jr., who has served as chairman for the past five years, will remain on the board.

Dallas — Zale Corporation, a specialty retailer of diamond and other jewelry products, has elected former Signet CEO Terry Burman as a director and as chairman of the board. John B. Lowe Jr., who has served as chairman for the past five years, will remain on the board.