The offer comes after Orchard Supply filed a voluntary Chapter 11 bankruptcy petition on Monday. Lowe's bid sets the stage for an auction of Orchard's assets.
Lowe's said it would acquire at least 60 of Orchard's 91 stores, most of which are located in California, giving Lowe's an enhanced presence in the state. Lowe's also said it would assume payments owed to Orchard's suppliers.
In order for the deal to go through, Lowe's offer must win the auction process and receive bankruptcy court approval. An alternate bidder must beat Lowe's offer by at least $12 million. The companies said they expect the deal to close within three months.
Weyerhaeuser (WY) agreed to buy Longview Timber for $2.65 billion including debt. Per the deal, Weyerhaeuser will get about 645,000 acres of timberlands in Washington and Oregon, expanding its presence in the region by 33%. It is the third-largest forestry acquisition in North America to date. Weyerhaeuser is purchasing Longview from affiliates of Brookfield Asset Management (BAM). The company said it expects the deal to close in July. Weyerhaeuser said it plans to boost its quarterly cash dividend to 22 cents a share from 20 cents in September. Weyerhaeuser also announced that Doyle Simon, former Temple-Inland chief executive, will replace CEO Dan Fulton in August. Fulton will stay on as executive vice chairman until his retirement in October. Weyerhaeuser also said it hopes to take advantage of the improving housing market and is considering a sale or spinoff of its real estate homebuilding and real estate development business, called Wreco.
Apple (AAPL) revealed that it has received between 4,000 and 5,000 requests from the U.S. government for customer data, affecting between 9,000 and 10,000 accounts or devices. Apple said the requests were for customer data from Dec 1, 2012 through May 31, 2013. The company, which said it has been authorized to reveal its receipt of the requests, said the numbers pertained to requests "related to national security."
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