Omnicare purchase ends takeover fight
Omnicare Inc., the biggest provider of drugs and pharmacy services to U.S. nursing homes, agreed to buy NeighborCare Inc. for $1.56 billion, ending a takeover fight that lasted more than a year.
The acquisition will add to earnings starting in 2006, the companies said Thursday. Omnicare had to raise its offer twice to the final price of $34.75 a share, nearly 16 percent more than the original bid of $30 a share in May 2004. It extended the tender 12 times before the final bid Tuesday.
Shares of Omnicare rose $1.19, or 2.6 percent, to $47.22 in New York Stock Exchange composite trading.
Examiner publisher hired from Scripps
The San Francisco Examiner, one of Philip Anschutz’s U.S. newspaper holdings, has named John Wilcox publisher, replacing Scott McKibben.
The 55-year-old Wilcox joins the paper from E.W. Scripps Co.’s Memphis Commercial Appeal, the Examiner said Thursday in a statement. McKibben, 52, had been publisher since 2003 and is joining Western Color Print Inc., the largest U.S. printer of Sunday comics and newspaper advertising supplements.
Notable Denver lawyer switches firms
Longtime Denver lawyer Ned Giles left the law firm of Moye Giles on June 30 and joined the seven-lawyer firm of Gorrell Giles, formerly Kloepfer & Gorrell. Moye Giles, with 38 lawyers, changed its name to Moye White, making Ted White a name partner with founding partner John Moye.
Giles said he left to take advantage of “an opportunity to practice with a smaller group with common goals and similar practices in a very efficient and profitable setting.” Moye White executive director Lorri Salyards and Giles both said that differing views on compensation played a role in the separation. Giles had been with the firm since the late 1970s.
Lifestyle center signs three more retailers
Poag & McEwen Lifestyle Centers LLC and McWhinney Enterprises, co-developers of The Promenade Shops at Centerra in Loveland, on Thursday said they have signed leases with Children’s Place, Buckle and Aveda. The development, under construction at the northeast corner of U.S. 34 and Interstate 25, has signed 40 tenants. The 700,000-square-foot lifestyle center has scheduled a grand opening for Oct. 28.
Colo. Baggage buys Aspen pen store
Colorado Baggage Co., a Denver-based company that also operates Paradise Pen stores, said Thursday that it purchased The Baggage Claim & Pen Perfecto, an Aspen store that sells luggage, pens, cigars and gifts. Terms of the deal were not disclosed.
The Aspen store will operate under its current name until it is remodeled at a later date. Colorado Baggage Co. has 10 retail locations in Colorado. Paradise Pen has 22 stores nationwide.
Alcoa boosts profits 14% in 2nd quarter
Alcoa Inc., the world’s biggest aluminum maker, said second-quarter profit rose 14 percent as an asset sale, tax benefits and a surge in demand outweighed higher costs for raw materials and job cuts. Net income rose to $460 million, or 52 cents a share, from $404 million, or 46 cents, a year earlier, Pittsburgh-based Alcoa said Thursday.
Retailers’ June gain biggest in 13 months
U.S. retailers ranging from Wal-Mart Stores Inc. to Nordstrom Inc. posted their biggest sales gain in 13 months in June as warmer weather and job growth spurred purchases of air conditioners and summer clothing.
Sales at stores that have been open at least a year jumped 5.3 percent, the New York-based International Council of Shopping Centers said Thursday, as most chains beat analysts’ estimates.
Office market to stay in tenants’ favor
Denver’s office market will most likely favor tenants through next year, according to a real estate forecast presented Thursday. The report by brokers at Cushman & Wakefield predicted slow recovery in the metro office market, where vacancies stand at 17.7 percent. The forecast called for stabilizing rents and declining vacancy. The forecast was more upbeat for the industrial and investment markets, which weathered the economic downturn better than the office market.
Sale of Jackson Hole lodge being weighed
Vail Resorts has tapped hotel advisory firm Jones Lang LaSalle Hotels to explore the sale of the Snake River Lodge & Spa in Jackson, Wyo. Vail recently purchased the remaining minority interest in the lodge through one of its subsidiaries, giving it the option of selling the property. The lodge is at the base of the Jackson Hole Ski Area and close to Grand Teton National Park.
GM debt may get Moody’s downgrade
General Motors Corp.’s debt and that of its finance subsidiary may be downgraded by Moody’s Investors Service, the ratings company said Thursday. Moody’s said it is considering cutting about $175 billion in GM’s debt from Baa3, the last investment grade, because of concerns about incentive costs, U.S. competition and falling sales of sport utility vehicles. Moody’s also is considering cutting GM’s finance unit, General Motors Acceptance Corp., from Baa2, or two levels above junk.
