On PR Newswire: Briggs & Stratton Files Chapter 11, eBay Sells Classifieds Business, Car Thefts Decline
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire for Journalists. Here are some of this week’s most newsworthy:
Briggs & Stratton Enters Into Sale Agreement and Initiates Voluntary Reorganization Under Chapter 11
Briggs & Stratton Corp. announced on July 20 that it has entered into a definitive stock and asset purchase agreement with KPS Capital Partners LP (KPS), which has more than a 20-year history focused on successfully developing world-class, industry-leading manufacturing companies. Under the terms of the agreement, an affiliate of KPS formed for purposes of this transaction has agreed to acquire substantially all of the company’s assets and assume certain customer, employee and vendor liabilities, and it would act as the stalking-horse bidder through a court-supervised sale process (known as a Section 363 process). Among other things, the sale agreement is subject to higher or better bids from other potential purchasers.
eBay Inc. and Adevinta ASA announced on July 21 that they entered into a definitive agreement for eBay to transfer its Classifieds business to Adevinta for a total consideration valued at approximately $9.2 billion, based on the closing trading price of Adevinta shares on the Oslo Stock Exchange on July 17. As part of the transaction, eBay will receive $2.5 billion in cash and approximately 540 million Adevinta shares which would represent an equity stake of approximately 44% based on the number of Adevinta’s outstanding shares, as of the end of the second quarter, and a ~33.3% voting stake.
ALDI, the value leader among U.S. grocery stores for 10 years running, opens its 2,000th store and kicks off a new wave of expansion. ALDI plans to open more than 70 new stores by the end of the year, announces plans to enter the greater Phoenix market, and will support further Gulf Coast store expansion with a new distribution center in Loxley, Ala.
For the last two years, auto thefts nationally have fallen according to the latest “hot spots” report from the National Insurance Crime Bureau. The NICB report for 2019, the most recent data available, showed national thefts topped out at 794,019, down from 819,988 in 2018 and 833,740 in 2017.
The centennial celebration of Peggy Lee’s birth — May 26, 1920 — continues to be commemorated with new music releases and the airing of an updated documentary. Honoring one of the 20th century’s most important musical influences in the world of jazz and popular music, and in conjunction with UMe/Capitol, the Peggy Lee Estate announced on July 17 the digital-only release of The Capitol Transcriptions 1946-1949, and the airing of an updated edition of Fever: The Music of Peggy Lee in partnership with American Public Television.
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Larry Grady is online content manager at PR Newswire for Journalists. He has worked in business media for nearly 30 years and enjoys reality TV and daydreaming about travel and wine.