Mergers & Acquisitions

By Christine Rivers

DALLAS — Steven Becker and Richard Willis are the newest members of the Tuesday Morning board of directors with two more directors expected to be named in the coming months.

New York -- Best Buy’s founder and former chairman Richard Schulze is not expected to present a buyout or other proposal to the company's board anytime soon, Reuters reported, citing a person familiar to the situation.

Schulze owns more than 20% of the company’s shares. He abruptly resigned from the Best Buy board last June and said he was exploring options for his ownership stake. The company’s shares have risen lately on speculation that Schulze close to presenting a buyout offer.

CARLISLE, Pa. — Giant Food has commenced its conversion of 15 former Genuardi's stores.

The announcement follows Giant Food, an Ahold subsidiary, getting the green light from the Federal Trade Commission for its plan to acquire 15 Genuardi's stores, located in the greater Philadelphia area, from Safeway.

During the conversion process, five stores at a time will temporarily close for about a week. The three-phase staggered approach is expected to be completed on July 22.

Union, N.J. -- Bed Bath & Beyond Inc. announced that its tender offer for the outstanding shares of common stock of Cost Plus was successful.

The company said Friday that about 20.8 million shares representing about 92% of Cost Plus' outstanding stock were tendered. The company currently has approximately 22.5 million outstanding shares, according to FactSet.

Cost Plus will become a Bed Bath & Beyond subsidiary and will stop trading on the Nasdaq the first business day after the deal closes.

RACINE, Wis. — SC Johnson has reached an agreement to acquire ITW's (ITW) global Space Bag brand and related assets.

"We're thrilled to add Space Bag to our family of long-respected, leading household brands," said Fisk Johnson, chairman and CEO of SC Johnson. "It will enable us to strengthen our home storage offerings and it's a natural complement to our Ziploc Brand business."

Walmart’s Bodega Aurrera stores in Mexico and Lider stores in Chile are among the most valuable Brands in Latin American, according to an extensive new report by global communications giant WPP.

ABILENE, Kan. — A new era has begun at Duckwall-ALCO Stores, as the company's shareholders have approved the company's name change to ALCO. The change was approved at the company's annual shareholders' meeting on June 27. ALCO Stores also plans to change its ticker symbol on NASDAQ to "ALCS." Both the name change and the change in ticker symbol will be effective as of July 6.