Private equity firm Sycamore has agreed to buy office supply chain Stapes (SPLS). Staples shareholders will receive $10.25 a share for each share they own. The price represents a 20% premium to the price shares were trading just before news broke the two were exploring a sale in April. The transaction is the largest leverage buyout this year thus far and is expected to close by the end of the year.
Walgreens Boots Alliance announced Thursday it will scrap its deal to purchase Rite Aid Corp and will instead buy 2,186 of its stores for $5.18 billion. Walgreens will pay Rite Aid $325 million in termination fees for ending the merger. The deal between the two rival drug stores had been waiting on the Federal Trade Commission to decide if it would try and block the merger. In May, Walgreens moved to force a U.S. decision on the matter, which was due by July 7. Once the new deal closes, Walgreens will begin acquiring the Rite Aid stores and related assets over a period of approximately six months. Walgreen plans on converting the stores to the Walgreens brand over time.
Asia: Asian indices closed higher on Thursday after yesterday’s triple digit handoff from Wall Street.
Europe: European shares closed higher on Wednesday as investors placed bets on when the ECB will stop its stimulus program.
U.S: U.S. markets closed higher on Wednesday as investor bet banks will now make more money on lending as rates increase. DJIA:+143.95 2440.69 NASDAQ: +87.79 6234.41 S&P: +21.31 2440.69
Word of The Day:
The rate which the general level of prices for goods, and services is rising while consumer purchasing power is falling. Central banks attempt to stop severe inflation, along with severe deflation, in an attempt to keep excessive price growth to a minimum.
Dinner or Drink:
- 1 1/2 parts Bourbon Whiskey
- 1/2 part fresh Lemon Juice
- 3/4 part Simple Syrup
- 7 Blackberries
- 7 Fresh Mint Leaves
- 2-3 parts Wine, Sparkling
Muddle 6 blackberries and 6 mint leaves in a Boston Shaker with ¼ part simple syrup. In the mixing glass, combine Bourbon, lemon juice, and remaining simple syrup. Add to the muddled blackberries and mint leaves. Add ice and shake. Double strain into a Collins glass with fresh crushed ice.
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