Mergers & Acquisitions

NORTHBROOK, Ill. — Hilco Trading has named Gary Epstein as chief marketing officer for the company. Epstein will be responsible for Hilco’s overall marketing strategy and execution, branding, market research, etc. across all of the operating companies. Epstein will be taking over the role from Rick Kaye, who has held the position for more than 10 years and will remain with the organization as an EVP until January 2013.

CAMDEN, N.J. — Campbell Soup Company has agreed to buy Bolthouse Farms from a fund managed by Madison Dearborn Partners, LLC, a private equity firm, for $1.55 billion in cash. Founded in 1915, Bolthouse is a vertically integrated food and beverage company focused on developing, manufacturing and marketing proprietary, high value-added natural, healthy products.

New York -- Ikea has been rebuffed by India on a request to relax rules on buying goods locally, Reuters reported, citing a government source. The rebuff is likely to delay Ikea’s entry into the Indian retail market.

In June, Ikea said it would invest approximately $1.86 billion and open 25 stores in India. But the chain was seeking a 10-year window to comply with India’s rule that foreign retailers source 30% from local small and medium-sized firms. The requirement is seen by overseas companies as a hindrance to investment.

The rhetoric over allowing foreign direct investment in India is reminiscent of the rhetoric that would have occurred in the United States 30 years ago had Walmart’s critics knew then what they profess to know now.

Minneapolis -- Christopher & Banks Corp. has rejected Aria Partners’ unsolicited $64 million takeover offer, saying it was not in the best interest of stockholders. The private equity firm owns 4% of Christopher & Banks shares. The retailer also adopted a stockholder rights plan, or poison pill, with a trigger at 15%

Private equity firm Aria owns 4% of Christopher & Banks shares.

New York -- Best Buy Co. is laying off about 650 employees from its Geek Squad division, according to a report by KARE 11.

The report said the company is eliminating positions that service appliances and televisions in customer's homes. Best Buy said it is not getting rid of home service, but is restructuring it and realigning its work force across all service channels.

If laid off workers are unable to find another position within Best Buy, their last day will be Aug. 1, the report said.

Deerfield, Ill. -- Walgreen Co. has entered into an agreement to acquire Stephen L. LaFrance Holdings Inc., the owner and operator of the USA Drug chain, for about $438 million, gaining stores in several Southern states. The acquisition comes on the heels of Walgreens’ announcement that it was buying a 45% stake in Alliance Boots GmbH for $6.7 billion last month to expand globally.

Greensboro, N.C. -- High-end grocer The Fresh Market is making a stand in California, as it prepares to open its first three stores in the state.

According to a Tuesday report by Investor’s Business Daily, Fresh Market has signed leases and begun construction on one store in Santa Barbara, one in Palo Alto and a third in Roseville. The grocer said it expects to open its first store in the state either late this year or early 2013.