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Monday, 22 July 2013 07:59

July 22, 2013: Spartan Stores, Nash Finch merge in $1.3B deal; GRCC one of the 'Greatest Colleges to Work For'

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Spartan Stores Inc. (Nasdaq: SPTN) has embarked on what President and CEO Dennis Eidson calls a “transformational transaction” to merge the grocer with Minneapolis-based Nash Finch Co. (Nasdaq: NAFC), the two companies announced this morning. The all-stock merger, which is valued at $1.3 billion including debt at both companies, will result in a grocery wholesale, retail and military commissary company with pro forma annual sales of $7.5 billion. The deal is expected to close by the end of the 2013 calendar year. Under the deal approved by both companies’ boards of directors, Nash Finch shareholders will receive 1.20 shares of Spartan Stores common stock for each share of Nash Finch common stock they own. At closing, Spartan Stores shareholders will own approximately 57.7 percent of the equity of the combined company, and Nash Finch shareholders will own approximately 42.3 percent, the company stated in a press release. [8:20 a.m.]

Aspiring entrepreneurs take note: officials at the University of Michigan’s Ross School of Business today announced the appointment of Stewart Thornhill as the new head of the Zell Lurie Institute for Entrepreneurial studies. He replaces Tom Kinnear, whose served since 2009. [11:00 a.m.]

Love your job? The Chronicle of Higher Education today named Grand Rapids Community College one of it’s “Great Colleges to Work For.” The college is featured in a special issue of the Chronicle out today.

“Our talented faculty and staff are the key reasons so many in the community find success at GRCC,” said President Dr. Steven C. Ender in a release. "All of us — employees, administrators and students — have benefited from the stimulating and collaborative work environment here. “While West Michigan has known for awhile that GRCC is a great place to work, it’s nice that The Chronicle of Higher Education is announcing it to the world.” More here. [2:45 p.m.]

Read 3913 times Last modified on Wednesday, 24 July 2013 06:56

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