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CVS Caremark increases size of tender offer amount

BY Antoinette Alexander

WOONSOCKET, R.I. — CVS Caremark has upped the size of its previously announced tender offers to refinance a portion of its debt.

The company stated that it will buy back up to $1.33 billion in notes, up from the previously announced $1 billion.

"Through this transaction as well as our recent debt issuance, we are taking advantage of the current favorable interest rate environment.  This debt refinancing will enhance our long-term debt structure and decrease our interest expense going forward,” stated Dave Denton, EVP and CFO of CVS Caremark.
 

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Walmart kicks off ’12 Days of Giving’ Facebook campaign with $100K in grants

BY Antoinette Alexander

BENTONVILLE, Ark. — With the holiday season now underway, Walmart has started announcing the winners of its second annual "12 Days of Giving" campaign.

On Dec. 10, its first day of giving, Walmart awarded $100,000 to 10 nonprofits for their work to feed hungry children in local communities. The gift is part of the more than $1.5 million that Walmart will give away to 140 grant recipients in all 50 states and Washington, D.C. over the next 12 days.

The winning nonprofits were selected from more than 21,677 nominations submitted in November by Facebook users who described the community impact made by their favorite nonprofit.

"The number of nominations from around the country this year was truly extraordinary — nearly four times as many nominations as last year’s campaign," stated Sylvia Mathews Burwell, president of the Walmart Foundation. "We were inspired by the support from thousands of people around the country who took the time to nominate organizations they felt needed assistance this holiday season. By helping us to identify those organizations doing great work, we will be able to make an impact in the local communities that need it most."

Submissions were initially reviewed by Walmart associates from across the company and then a panel from the Walmart Foundation selected the winning organizations that focus on providing basic needs such as food, shelter, clothing as well as services such as medical care and job training. The winners have been organized into categories to be announced on each of the "12 Days" and will be spotlighted on the Live Better tab on Walmart’s Facebook page daily through Dec. 21:

  • Day 1: Feeding Our Children;
  • Day 2: Supporting Our Seniors;
  • Day 3: Honoring Those Who Give (volunteers);
  • Day 4: Recognizing the Face of Hunger;
  • Day 5: Building a Brighter Future (children);
  • Day 6: Supporting our Military and Veterans;
  • Day 7: Fueling Lifelong Careers (job training);
  • Day 8: Helping Communities Rebuild (disaster relief);
  • Day 9: Providing Shelter;
  • Day 10: Fighting Hunger;
  • Day 11: Shaping Healthier Futures (medical and emotional support); and
  • Day 12: Providing Warmth to Our Neighbors (clothing donations).

The organizations honored and awarded $10,000 each on Dec. 10 include:

  • Angels of Action;
  • Bags of Hope Central Florida;
  • Blessings in a Backpack – Blackshear Elementary;
  • Community Services Clearinghouse Inc.;
  • Community’s Child;
  • Feed Lucas County Children;
  • Help 4 Kids;
  • Kids Food Basket;
  • Three Square Food Bank; and
  • Westmoreland Community Action.

 

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The Jean Coutu Group to acquire stake in Le Groupe Medicus

BY Antoinette Alexander

LONGUEUIL, Quebec — The Jean Coutu Group recently announced that it is acquiring a 50% stake in Le Groupe Médicus, which specializes in orthotic and prosthetic devices.

Financial terms of the deal were not disclosed.

Founded in 1957 by Jean-Claude Bleau, Médicus is a private-sector employer of orthotist and prosthetist graduates in Quebec and specializes in orthotic and prosthetic devices and rehabilitation products by completing the multidisciplinary treatment plan.

“The investment in Médicus fits with our development strategy and is an interesting expansion of our core business. Médicus enjoys an excellent reputation and presents a significant growth potential. This corporation is headed by an experienced management team, and we plan to support them in the pursuit of their strategic development plan,” stated François Coutu, president and CEO of the Jean Coutu Group.

Jacinte Bleau, president and CEO of Médicus, stated, “We are aware of the growing needs of an aging customer base in Quebec; and Médicus, in partnership with the Jean Coutu Group, wishes to extend its market share in orthotic and prosthetic devices, as well as in mobility assistance throughout Quebec and eventually North America.”

Following this transaction, Médicus will carry on its operations throughout its network of stores and will maintain an independent management team, the retailer stated

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