Financial News

ST. LOUIS — Two of the country’s largest pharmacy benefit managers plan to merge in a deal worth $29.1 billion.

St. Louis-based Express Scripts and Franklin Lakes, N.J.-based Medco Health Solutions announced Thursday that their boards had voted unanimously to approve the merger, though the deal still is subject to regulatory review. The deal would create the country’s largest PBM, followed by CVS Caremark.

TORONTO — Canadian retailer Shoppers Drug Mart posted a boost in second-quarter sales, thanks in large part to continued strength and sales growth in over-the-counter medications, cosmetics, and food and confection, the company announced on Thursday.

Second-quarter sales were C$2.39 billion (U.S. $2.52 billion), an increase of 1.4%, compared with the year-ago period. On a same-store basis, total sales increased 0.8% during the quarter.

TORONTO — Salon Selectives, a division of CLT International, has acquired the trademark rights for Daily Defense hair care products.

Financial terms of the deal were not disclosed.

"We are extremely excited about the addition of this popular brand to our portfolio of personal and hair care products," Salon Selectives principal Jack Wilkinson said. "The addition of Daily Defense provides us with two world-class brands that we can offer at affordable prices to value-conscious women around the world."

OAKLAND, Calif. — Clorox has turned down an acquisition proposal from Icahn Enterprises valued at $76.50 per share, the company's board of directors announced Monday.

Clorox's board, in consultation with its financial and legal advisers, concluded that the offer "substantially undervalues the company and is neither credible nor adequate," Clorox chairman and CEO Don Knauss wrote to Icahn Enterprises chairman Carl Icahn, adding that Clorox is committed to continued stockholder value creation. The company received the offer July 14.

SUNBURY, Pa. — Weis Markets on Monday reported its second-quarter sales increased 3.5% to $676.7 million, while its comparable-store sales for the period increased 5.1%.

For the 13-week period ended June 25, the company's net income increased 0.9% to $20.7 million, compared with $20.5 million in 2010, while earnings per share increased to 77 cents, compared with 76 cents in 2010.

OAKLAND, Calif. — Clorox on Friday confirmed it has received an unsolicited conditional proposal from Icahn Enterprises to acquire the company for $76.50 per share, subject to due diligence, financing and other conditions. Clorox said its board of directors, in consultation with its financial and legal advisers, will review the proposal in due course. 

Goldman, Sachs & Co. and J.P. Morgan Securities are serving as financial advisers, and Wachtell, Lipton, Rosen & Katz is legal adviser.

MINNEAPOLIS — The 4.5% increase in same-store sales Target reported for June was at the higher end of the company’s expectations and came on top of a prior-year increase of 1.7%.

The gain primarily was driven by an increase in average transaction size, while growth in the overall volume of transactions appeared to be somewhat moderate.

Target chairman, president and CEO Gregg Steinhafel said he was very pleased with the company’s performance at the upper end of a guidance range that called for a low- to mid-single-digit improvement.

AMITYVILLE, N.Y. — Generic drug maker Hi-Tech Pharmacal reported its fourth-quarter net sales increased 45% to $57.2 million from the year-ago period.

Net income for Hi-Tech totaled $12.7 million, or 98 cents per diluted share, compared with $6.5 million, or 50 cents per diluted share in fourth quarter 2010.