News

Boca Raton, Fla. -- Office Depot Inc. said Tuesday it has approved a poison pill defense to preclude investor Starboard Value LP from waging a takeover of the company.

The activist investor became the office-supply retailer’s largest shareholder last month and has begun pushing for changes.

The poison pill is a shareholder rights plan that would give its investors additional shares if one entity surpasses 15% ownership. Starboard owned 14.8% as of Oct. 12.

Paris -- A Tuesday report by Women’s Wear Daily said that sporting goods retailer IIC-Intersport International Corp. will acquire 100% of The Athlete’s Foot, expanding Intersport’s presence to 63 countries from its current 41.

New York -- Fifth & Pacific Cos.-owned Kate Spade said Wednesday it has completed the acquisition of joint-venture partner Sanei International Co.’s 51% interest in Kate Spade Japan Co.

Kate Spade Japan was a joint venture that was formed between Sanei and Kate Spade in August 2009. Kate Spade Japan operated the Kate Spade and Jack Spade businesses in Japan, and Kate Spade will continue to operate the businesses in Japan though its Japanese subsidiary.

The purchase price was $47.6 million.

New York -- Sales of Halloween candy, decorations and other items may not reach the $8 billion mark anticipated earlier by the National Retail Federation as Hurricane Sandy turned consumers’ attentions elsewhere.

Bayer HealthCare said it plans to acquire rapidly growing Schiff Nutrition International for $34 a share in a transaction valued at $1.2 billion.

The deal, described as a "bolt-on acquisition" by Bayer, is expected to close by year end. Salt Lake City-based Schiff is a 75-year-old-company known for brands such as MegaRed, Move Free and Airborne.

With a name like Automated Packaging Systems there’s no ambiguity about what the company does and this week its founders were recognized for reshaping an industry.

The company which bills itself as the world leader in high-reliability packaging systems this week is celebrating its 50^{th anniversary and the induction of founding brothers Hershey and Bernie Lerner into the Packaging Hall of Fame at Pack Expo International, the industry’s largest trade show.}

Mohawk Industries said it will acquire leading laminate flooring brand Pergo for $150 million.

The deal is expected to close during the first quarter of 2013 and gives Mohawk access to a brand that has become synonymous with laminate flooring over the years. Pergo’s 2011 sales in the U.S. and Europe were roughly $320 million according to Mohawk, who acknowledged the company as a leader in laminate flooring technology with unique patents on design and installation methods.

BOCA RATON, Fla. — Office Depot's Frantz Tiffeau, senior manager supply chain diversity for Office Depot, has been appointed to the position of vice chair of the National Gay & Lesbian Chamber of Commerce (NGLCC) Procurement Council. In this position, Tiffeau will help to expand opportunities for lesbian, gay, bisexual, and transgender (LGBT)-owned businesses and continue to build and foster inclusive corporate procurement practices. Tiffeau previously led the education subcommittee of the NGLCC Procurement Council.

CHICAGO— Claire's Stores has opened its first locations in Venezuela and Panama. 

BATTLE CREEK, Mich. — Kellogg has donated $500,000 to support Hurricane Sandy relief efforts. The donation includes a $250,000 cash contribution from Kellogg's Corporate Citizenship Fund (KCCF) to the American Red Cross and $250,000 in food to Feeding America, the nation's largest hunger-relief charity.