Global Glance: Staples sells for $6.9 billion; Blue Apron prices IPO at low end of expected range

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Here are today’s top business headlines from across the nation and world:

Office supplies chain Staples sold for $6.9 billion

NEW YORK (AP) — Private equity firm Sycamore Partners is buying office supplies chain Staples for $6.9 billion. The companies said Wednesday that shareholders of Framingham, Massachusetts-based Staples will get $10.25 per share. Staples’ stock closed Wednesday up 77 cents, or 8.4 percent, to $9.93, fueled by a late-afternoon report of a deal. The stock rose another 1.5 percent in extended trading after the deal was announced. Read more

Blue Apron prices IPO at low end of expected range

NEW YORK (AP) — Meal-kit delivery company Blue Apron priced the shares it’s selling in its initial public offering at the low end of its expected range, a sign that it might be having trouble attracting investors. The New York company said that the 30 million shares in its IPO would be priced at $10 per share. Blue Apron initially forecast pricing shares in the offering between $15 and $17 a piece, but then dropped the predicted range to $10 to $11. The pricing of Blue Apron’s IPO comes as competition to deliver groceries heats up. Read more

AP Explains: What is ransomware?

LOS ANGELES (AP) — Computers around the world were locked up and users’ files held for ransom in a cyberattack Tuesday that paralyzed some hospitals, government offices and major multinational corporations. Here’s a look at how malware and ransomware work and what people can do if they fall victim to attacks. Read more

Analysis: For GOP Congress, an imperative on health care

WASHINGTON (AP) — Congressional Republicans are stymied over health care. But after seven years of promising to repeal and replace former President Barack Obama’s law, they risk political disaster if they don’t deliver. Republicans anticipate a major backlash from GOP voters if they don’t make good on the promises that swept them to control of the House and Senate and helped propel Donald Trump to the White House in last year’s elections. Read more

Walgreens ends yearslong attempt to buy Rite Aid

NEW YORK (AP) — Walgreens has ended its takeover pursuit of rival Rite Aid following resistance from U.S. regulators and will instead now buy stores, distribution centers and inventory in a new deal. The proposed merger, first announced in 2015, was initially for about $9.4 billion but was whittled down to about $6.8 billion earlier this year. Walgreens Boots Alliance will pay Rite Aid Corp. a $325 million termination fee. It will pay Fred’s Pharmacy an additional $25 million following the termination of a related asset deal. Read more

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