Mergers & Acquisitions

Deerfield, Ill. – The Walgreens Co. is reportedly considering making a purchase offer for U.K.-based drugstore chain Alliance Boots. Walgreens, which owns 45% of the company, has an option to purchase the remaining 55% between February and August 2015, but according to The Telegraph may try to make an offer even sooner.

Target has appointed Peter Glusker as SVP, new business integration and operations. Glusker will lead the integration of new acquisitions and comes onboard just two weeks after the company terminated chairman and CEO Gregg Steinhafel.

Minneapolis – Target Corp. cut the compensation of former CEO Gregg Steinhafel to $13 million in fiscal 2013 from $20.6 million in fiscal 2012. According to a regulatory filing, Target decided to reduce Steinhafel’s total compensation after holding meetings and calls with shareholders owning 40% of total company shares and two proxy advisory firms.

London - Sainsbury’s has selected Quantum Retail Technology to provide software and services to help optimize its fashion and general merchandise inventory through improved allocation and replenishment functionality.  

Toronto - Sears Canada Inc. has entered into an agreement for the sale of its 15% minority ownership interest in the Centre commercial Les Rivières shopping centre in Trois-Rivières, Quebec, for $33.5 million. Ivanhoé Cambridge, who holds the center in a joint arrangement with Sears Canada, is purchasing the 15% interest that it does not already own from Sears.

Propel Equity Partners, a private equity firm focused on investing and creating value in leading consumer brands, has acquired Summit Products.

The assets of Summit Products, which include Backyard Safari, Zillionz, Covert Force, Test Pilot And Stink Bugzzz brands, will be incorporated into the Alex Brands family of leading toy brands.

Fort Worth, Texas — Rice Management Co. has selected Trademark Property Co. to oversee asset and property management, leasing and repositioning of the village Arcade in the historic Rice Village district of Houston, Texas.

The selection comes after Rice University exercised an option to acquire the leasehold interest in the two-level 195,000-sq.-ft. open-air retail center from the current owner, Weingarten. Closing is set for the third quarter of this year.

Dallas – A previously undisclosed conflict of interest may endanger the proposed $1.4 billion purchase of jewelry retailer Zale Corp. by rival Signet Jewelers. According to the New York Times, Bank of America, which represented Zale in talks with Signet, failed to disclose it had made an unsolicited presentation to Signet in October 2013 where it advised Signet to consider purchasing Zale.