Mergers & Acquisitions

Chicago -- Mid-America Real Estate Corporation’s Investment Sales team recently brokered the sale of Gateway Square in Hinsdale (Chicago MSA), Illinois. The 39,710-sq.-ft. center was purchased for $10 million, excluding closing costs and adjustments, by Buffalo Grove, Illinois-based C P Management, LLC.
 

It is one of the smaller acquisitions CVS Caremark has done, but the purchase of the 33-unit Miami-based Navarro Discount Pharmacy could have big implications.

CVS Caremark late Monday said it reached an agreement with Navarro, the largest Hispanic owned drugstore chain in the U.S., to acquire 33 stores and Navarro Health Services, a specialty pharmacy serving patients with complex or chronic diseases. CVS Caremark operates more than 7,600 stores, but said it will continue operating the acquired units under the Navarro banner.

Union, N.J. - Bed Bath & Beyond Inc. intends to offer, subject to market and other conditions, senior unsecured notes due 2024, senior unsecured notes due 2034 and senior unsecured notes due 2044 under a shelf registration on file with the Securities and Exchange Commission. Bed Bath & Beyond intends to use the proceeds from this offering for share repurchases of its common stock and for general corporate purposes.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are acting as joint book-running managers.

Mylan has entered into a definitive agreement with Abbott whereby Mylan will acquire Abbott's non-U.S. developed markets specialty and branded generics business in an all-stock transaction.

Upon closing, Abbott will receive 105 million shares of the combined company worth approximately $5.3 billion based on Mylan's closing price of $50.20 on Friday, July 11, 2014, representing an approximately 21% ownership stake.
 

New York -- Barbara Turf, 71,  former CEO of Crate and Barrel, died July 12, at Evanston Hospital, of pancreatic cancer, the Chicago Tribune reported.

Turf was named CEO in 2008, after Crate & Barrel founder and longtime chief executive Gordon Segal retired. She joined Crate and Barrel as a part-time saleswoman in 1967, moving to its corporate headquarters in 1974. Turf retired as CEO in 2012 and joined the company's board of directors, the company said in a statement.

Plano, Texas – Mindy Grossman, the chief executive of HSN Inc., reportedly declined an offer to become CEO of J.C. Penney Company in May 2014. According to the Wall Street Journal, Grossman had been in advanced negotiations with Penney to take the reins as CEO but discussions ended for an unspecified reason.

A range of new Samsung brand smart printers and tablet computers are being added to the product mix at Office Depot and OfficeMax stores following an expanded partnership between the retailer and consumer electronics company.

San Jose, Calif. - EBay and Sotheby’s are developing an online platform designed to make it easier for consumers to discover, browse and acquire exceptional works of art, antiques and collectibles. EBay and Sotheby’s will start by offering a number of live auctions that are taking place at Sotheby’s headquarters in New York.