Regis, which operates salons under the Supercuts and Sassoon
Salon brand names, has also reduced its debt by over $490
million in less than three years, it said in the letter.In August, Starboard, which owns about 5.2 percent of Regis
stock, said in a letter to Regis that it should sell its
non-core assets and cut costs, and proposed the nomination of
three members to its board.The company said it was willing to seat one Starboard
nominee on its board, giving Starboard more than 10 percent
board representation.Chief Executive Paul Finkelstein and President Randy Pearce
wrote to shareholders saying this was a “reasonable and
proportionate level of representation.”Regis shares closed at $16.06 Wednesday on the New York
Stock Exchange.
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20 notes
APPROVALS AND WITHDRAWALS:— Ugitour, part of French insurer AXA , Caisse des
Depots et Consignations and Sogecap, a subsidiary of French bank
Societe Generale , to acquire joint control of several
Belgian and French properties (approved Oct. 11)NEW LISTINGS:— French company Caisse des Depots et Consignations to
acquire 50 percent of a Paris real estate from a subsidiary of
French insurer Axa (notified Oct. 11/deadline Nov.
17/simplified)— French power and transport engineering group Alstom
and Bouygues subsidiaries Bouygues
Immobilier and Exprim SAS to form a joint venture (notified Oct.
11/deadline Nov. 17/simplified)— German natural gas supplier Verbundnetz Gas
Aktiengesellschaft to sell a 25.1 percent stake in VNG Austria
to CE Gas Marketing & Trading (notified Oct. 7/deadline Nov.
15/simplified)EXTENSIONS AND OTHER CHANGES:NoneFIRST-STAGE REVIEWS BY DEADLINEOCT 13— Israeli drugmaker Teva Pharmaceutical Industries
to acquire U.S. specialty drugmaker Cephalon
(notified Aug. 25/deadline extended to Oct. 13 from Sept. 29
after Teva offers commitments)OCT 14— Private equity firm CVC Capital Partners to acquire a
stake in international health club operator Virgin Active
(notified Sept. 9/deadline Oct. 14)— Private equity firms KKR and Silver Lake, and funds
controlled by Technology Crossover Ventures to acquire joint
control of Arizona-registered company Godaddy Group (notified
Sept. 9/deadline Oct. 14/simplified)OCT 18— Mitsubishi Corp to acquire a stake in Czech auto
car body maker Sungwoo Hitech from South Korea’s Sungwoo Hitech
Co Ltd (notified Sept. 13/deadline Oct.
18/simplified)OCT 20— Dutch bank AEGON’s Spanish unit to acquire a 50
percent stake in Spanish life insurer Cajaburgos Vida, part of
Banca Civica (notified Sept. 15/deadline Oct.
20/simplified)— Danish dairy coperative Arla Foods to acquire German
dairy cooperative Allgauland (notified Sept. 15/deadline Oct.
20)— A joint venture led by Gores Group LLC to acquire
clothing retailer Mexx from Liz Claiborne Inc (notified
Sept. 15/deadline Oct. 20/simplified)OCT 24— German sugar company Suedzucker to acquire a 25
percent stake in British commodities trading company ED&F Man
(notified Sept. 19/deadline Oct. 24)OCT 26— German property operator ECE and German retailer Metro
to set up a joint venture (notified Sept. 21/deadline
Oct. 26)— U.S.-based Seagate Technology to acquire Samsung
Electronic’s hard disk drive business (notified
April 19/deadline extended for the second time to Oct. 26 from
Oct. 10)— U.S. equipment maker Caterpillar to acquire
German maker of gas and diesel engine maker MWM Holding GmbH
(notified March 14/deadline extended to Oct. 26 from Sept 16
after Commission opens in-depth investigation and despite
commitments offered)OCT 28— U.S. company Dow Chemical and Japanese trading
house Mitsui to set up a Brazilian joint venture
(notified Sept. 23/deadline Oct. 28/simplified)— German conglomerate Siemens (SIEGn.DE) to acquire Dutch
engineering company NEM Holding (notified Sept. 23/deadline Oct.
28)OCT 31— Vitol Investment Holdings, a unit of oil trader Vital
, and U.S. energy company ArcLight to acquire joint
control of Luxembourg-based Petro Lux (notified Sept.
26/deadline Oct. 31/simplified)NOV 3— Belgian building materials group Etex to acquire German
peer Lafarge’s gypsum assets in Europe and South
America (notified Sept. 27/deadline Nov. 3)— U.S. healthcare company Johnson & Johnson to
acquire Swiss medical devices maker Synthes Inc
(notified Sept. 27/deadline Nov. 3)— Private equity group TPG Capital LP to acquire a
stake in Danish online brokerage Saxo Bank from Portugal’s Banco
Espirito Santo (notified Sept. 27/deadline Nov.
3/simplified)NOV 8— German fruit producer Agrana and Austrian equipment maker
RWA to combined their subsidiaries into a joint venture
(notified Sept. 30/deadline Nov. 8)NOV 10— U.S. cleaning and pest-control services company Ecolab
to acquire water treatment services company Nalco
Holding (notified Oct. 4/deadline Nov. 10)NOV 14— German industrial services company Buchen
Industrieservice to acquire German technical services company
ThyssenKrupp Xervon (notified Oct. 6/deadline Nov.
14/simplified)NOV 30— U.S. technology company Western Digital Corp to
acquire Hitachi’s hard disk drive business (notified
April 20/deadline extended for the fourth time to Nov. 30 from
Nov. 9 after Western Digital offered remedies)— U.S. conglomerate General Electric, Russian energy
producer and importer Inter Rao Ues and Russian engine maker
United Engine Corporation to set up a joint venture (notified
Sept. 30/deadline Nov 9/simplified)DEC 13— Deutsche Boerse (DB1Gn.DE) and NYSE Euronext to
merge (notified June 29/deadline extended to Dec. 13 from Aug. 4
after Commission opens in-depth probe)GUIDE TO EU MERGER PROCESSDEADLINES:The European Commission has 25 working days after a deal is
filed for a first-stage review. It may extend that by 10 working
days to 35 working days, to consider either a company’s proposed
remedies or an EU member state’s request to handle the case.Most mergers win approval but occasionally the Commission
opens a detailed second-stage investigation for up to 90
additional working days, which it may extend to 105 working
days.SIMPLIFIED:Under the simplified procedure, the Commission announces the
clearance of uncontroversial first-stage mergers without giving
any reason for its decision. Cases may be reclassified as
non-simplified — that is, ordinary first-stage reviews — until
they are approved.
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(Oct
12)
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