| Wesfarmers in bidding war for Coles Group
NEAL WOOLRICH: The Coles Group was back in the headlines today as signs emerged that there might be a bidding war for the retailer.
The Perth-based Wesfarmers snapped up an 11 per cent stake in Coles last night, and is now seeking talks with the company.
It's understood that Wesfarmers is part of a consortium that includes Macquarie Bank and Pacific Equity Partners. But it's not clear whether it wants to buy all of Coles' businesses or parts of it like Officeworks.
Coles and Wesfarmers were placed in a trading halt today, which could last up to two days.
On the market, it was a positive day on the local investors. The ASX 200 gained 98 points to 6,013 reversing all of yesterday's loss. It's the first time the index has been above 6,000 points in five weeks.
Prize makes Scout cookies better
BAY CITY -- A lucky Girl Scout cookie fan will get a little something extra in a special box of cookies purchased during the Girl Scouts of Mitten Bay second annual "Desserts First" chef competition. Contest organizers will hide a ruby and diamond ring that Herman Hiss & Co. Jewelers of Bay City donated inside one of the cookie boxes. The hunt for the jewels is part of the 5:30 p.m. to 9 p.m. Wednesday dessert contest at Bay City's DoubleTree Hotel and Conference Center, 1 Wenona Park Place. Mid-Michigan chefs and culinary experts will compete for the People's Choice Award for the best dessert they can concoct with Girl Scout cookies. The ring and other items donated for both silent and live auctions will help fund the Girl Scouts of Mitten Bay Financial Assistance Program, which sends girls to summer camp and other scouting events.
TOPIC OF THE DAY Bidding process
The Spring Lake Heights Borough Council awarded a sole bidder a $750,000 contract to replace residential water meters. The sole bid was just $35 less than the appropriation. The bid specifications stated, "The Borough has selected Sensus Metering Systems for this Project. The successful contractor will replace all existing water meters with Sensus meters." No one in borough hall could provide one document showing the name Sensus Metering Systems, let alone explain how it was "selected." In-Line Services was the only Sensus distributor and installer that bid. New Jersey's public contract law strongly discourages the use of manufacturer names in bid specifications because it prevents free, open and competitive bidding. Every borough taxpayer should ask, "Why would they do this?" Surely, the answer is not "for the love of Spring Lake Heights." Would any of those who voted for this contract stop at one bid if it were their personal $750,000 and their own residential project? The bid specifications deny Spring Lake Heights taxpayers a competitive process.
Hancock Fabrics Retains Keen Realty to Auction One Hundred Twenty ...
GREAT NECK, N.Y.--(BUSINESS WIRE)--Hancock Fabrics, Inc. has retained Keen Realty, LLC under an order of the United States Bankruptcy Court, to market and assist with the disposition of two fee-owned retail properties and 121 of the company's retail leasehold interests located nationally. Hancock Fabrics operates retail fabric stores in 39 states across the country. The company filed for Chapter 11 protection on March 21, 2007 in the United States Bankruptcy Court for the District of Delaware. Keen Realty, LLC is a real estate consulting firm specializing in maximizing the value of its clients' real estate assets nationwide. "We are very excited to offer these leases and fee-properties for sale. The leases include favorable rental rates, and many of these stores are located in prime shopping centers throughout the country.
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