Legislative, Regulatory & Legal

Pleasanton, Calif. – Safeway Inc. has entered into a memorandum of understanding to settle the consolidated class action pending in Delaware state court filed on behalf of alleged Safeway stockholders against Safeway in connection with Safeway's proposed merger with an affiliate of AB Acquisition LLC. The proposed settlement includes moving the expiration date of Safeway’s “poison pill” shareholder rights plan three months ahead to June 19, 2014.

Columbus, Ohio — Express Inc. confirmed that it has received a letter from Sycamore Partners, which owns approximately 9.9% of Express' outstanding shares, indicating that the private equity firm is interested in acquiring the company. In response, Express adopted a one-year “poison pill” shareholder rights plan that would double its shares of common stock in the event any stockholder acquires 10% or more of the company.

Boston — A joint committee of the Massachusetts state House of Representatives and Senate has filed a bill to gradually raise the state’s minimum wage from its current hourly rate of $8 to $11. The increase would occur in stages until reaching $11 in 2017.

Boston — A joint committee of the Massachusetts state House of Representatives and Senate has filed a bill to gradually raise the state’s minimum wage from its current hourly rate of $8 to $11. The increase would occur in stages until reaching $11 in 2017.

NEW YORK — P.F. Chang's Chain Bistro confirmed Friday that it had been the victim of a data breach in which data was stolen from customers’ credit and debit cards used at its restaurants.

It looks like Sycamore Partners, which owns approximately 9.9% of Express’ outstanding shares, is interested in acquiring the retailer.

Express confirmed that it has received a letter from Sycamore and has established a special committee of the board to determine a course of action that serves the best interest of all stockholders. The retailer has also engaged Perella Weinberg Partners LP and Sullivan & Cromwell LLP as advisers to itself and the special committee.

Scottsdale, Ariz. — P.F. Chang’s China Bistro Inc. is the latest retailer to investigate a possible data breach.

The retailer emailed has been contacted by banks and law enforcement agencies about online reports that credit card and debit card numbers matching ones used at P.F. Chang’s locations between March and May 2o14 have appeared for sale on underground hacker websites.

Media reports indicate the U.S. Secret Service is also investigating the potential breach, although the Secret Service has not publicly commented.

Former Walmart president and CEO Mike Duke and company chairman Rob Walton drew large numbers negative votes when they stood for re-election to the retailer’s board at the annual shareholders’ meeting on Friday, June 6.