- Published: Thursday, July 26 2018 22:03
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A beautiful sunny 84 degree day for feast know as the Romeo Brunch. We had 7 participants with one special guest in the image of Doug Statler. It seems that Doug has recently undertaken a professional career change to a smaller pharmaceutical company who supports 20 products and is based in New Jersey. He is especially happy about the kind of people he is working with. He is certainly an expert in this field and is taking his expertise onto airplanes as he begins his new venture. As with most of us, his children have seemed to grow to adult size. One son has just recently purchased a home in Phoenix and is moving out of his home residence while the other son, a sous chef working in San Francisco, is bringing his skills to Phoenix and is move back into the home digs. Obviously, Doug is proud and happy for both. Bill Harbecke was enjoying the early success of the hockey expansion franchise the Golden Knights in LasVegas. It seems he is an avid fan of hockey, and I can tell from all the facts he knows about the make up of the players and coaches, that he is very serious about this sport. Frank Stock just recently returned from a vacation to Washington DC and thoroughly enjoyed his night time tour of the monuments, finishing at the Lincoln site. He was unable to meet with President Trump, but left him some messages on suggestions for the US economy and financial roads. I am sure they were well received. Pat is soon planning a return to Delaware and wisely waited for the horrendous weather to pass last weekend. The last time Pat came to Romeo a couple of weeks ago, he was almost hit in the parking lot. Seems he was driving slowly though as a Tahoe shot out of its spot without looking. Only a quick honk of the horn save him from being t-boned. This brought up the subject of the dangers of driving in retail parking lots, with texting drivers not braking for cars backing out and this backing out, not looking before making their move. It is really a precarious situation here in the Valley of the sun. Brent Keil is feeling much better and is to visit his physician next week for some confirmations to that fact. He will soon be traveling to Minneapolis the first of June for 5 weeks. It appears summer has raised its beautiful head there. By the way, Brent raised a question regarding the gathering of the Romeo group. When we restart in the fall of 2018, should we begin with an every other week brunch, and then converting to once a week the first of January 2019? I am asking that you think this over and let me know your thoughts on this subject. Dave Schoenbeck is a bachelor this week with Ellen being in Texas visiting her Dad for a few days. I wonder if she was able to hire a sleep in to keep him under control. He did spend some time recapping his fabulous Africa trip and the richness of the sights and numerous animal sightings. There are stories surfacing about an Anglo running through the wilderness clad only in a loin cloth. No one was hurt, but it took the animals several days to quit laughing. Just one health update…..Brad Trom just recently had back surgery and it appears that it was a great success. He has mentioned to Curt Larson, that he feels so good, he wants to put on his ole football pads and take come contact……..take his keys away! Everyone have a great weekend.Write comment (0 Comments)
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Well, this was the magical weekend for the Walker Cup Golf Event and the Annual Arizona Sunday brunch, which were organized and operated by Stan Petersen and John McGovern for the golf outing and Tom Nielsen for the magical brunch. The golfing weather was sunny and perfection at the Dove Valley Golf Course which was the venue for the annual outing. Twenty five golfers and 10 plus lunch onlys gathered at the course grill for the tasty lunch being provided. Everything went well except for one slight hiccup when Frank Stock thought the bowl of cold slaw was an individual serving. After some negotiation, Frank let the bowl goal in exchange for a second hamburger patty.....everyone happy. The golf was thoroughly enjoyed by all, regardless of the questionable results. Amazing that these people raise children. A large number of the visitors went out for dinner on Saturday evening at Charlestons in Scottsdale and the party continued. Again, it went well except for a small misstep when the waite spilled hot au jus on Curt Larsons shirt and pants. It looked good on the North Dakota boy.
As the Sunday sun climbed in the southwest sky, 40 plus gathered at Tonto Verde Country Club for a delicious annual brunch. The conversations were certainly the high points and it is so good to see the likes of Jack and Bev O'Connell, Terry and Susan Hanson, Haven and Paula Ready and Jerry Gonyo......Wanda White, Bob and Joyce Potter, Curt Larson, were others who took their time to travel to see ole friends. How do you go wrong with mimosas, omelets, scramble eggs, potatoes, bacon, chicken fruit salad, breads and desserts. Wow.
Once again our thanks to those involved in the timely process of organizing these great events......when you see them, you wonder how they did it...............................
Read about and view the entire weekend's events in the upcoming edition of the Connections Newsletter
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For perhaps the second time in his long career, Bob Miller may be a white knight for Rite Aid shareholders. Albertsons has agreed to merge with Rite Aid as part of a $24 billion deal that will take the privately-held grocer public.
“The hallmark of Albertsons Companies’ business has been to become the favorite local supermarket of our customers,” Miller, current Albertsons chairman and CEO who led a turnaround at Rite Aid in the early 2000s, said. “We have always put our customers first, and our combination with Rite Aid will enable us to even better serve the valuable pharmacy customer by providing a fully integrated one-stop-shop for our customers’ food, health, and wellness needs. I have long known the excellent management team at Rite Aid, and we share a singular focus on superior customer service and a clear vision and strategy to become the favorite local supermarket and pharmacy to shoppers in every neighborhood we serve.”
Current Rite Aid chairman and CEO John Standley will become CEO of the combined company, with current Albertsons’ Miller serving as chairman. The combined company is expected to be comprised of leadership from both companies and will be dual headquartered in Boise, Idaho, and Camp Hill, Pa. The companies said the name of the combined company will be determined by transaction close.
“This powerful combination enables us to become a truly differentiated leader in delivering value, choice, and flexibility to meet customers’ evolving food, health, and wellness needs,” John Standley, chairman and CEO, Rite Aid, said. “The combined platform positions Rite Aid to capitalize on our pharmacy expertise and expand and enhance our pharmacy footprint. We are confident that delivering improved customer experiences and value will drive growth and profitability while creating compelling long-term value for shareholders.”
The integrated company will operate approximately 4,900 locations, 4,350 pharmacy counters and 320 clinics across 38 states and Washington, D.C., serving more than 40 million customers per week. Most Albertsons pharmacies will be rebranded as Rite Aid, and the company will continue to operate Rite Aid standalone pharmacies.
The companies said the combination is expected to leverage a strong pharmacy network and Rite Aid’s PBM, EnvisionRxOptions, to drive significant customer growth. The Albertsons/Rite Aid combo will be positioned to drive incremental growth by deepening existing relationships and expanding reach across higher-value pharmacy customers. This will be achieved, according to an investor presentation, through a full suite of health-and-wellness capabilities, including specialty pharmacy offerings and in-store RediClinics in larger Albertsons Companies stores and stand-alone Rite Aid stores. In addition, investing in preferred relationships with EnvisionRxOptions, other PBMs, and regional payors is expected to drive prescription growth.
The new company — which is expected to be traded on the New York Stock Exchange following the close of the deal — also will have an expanded footprint and be ranked first or second in 66% of the top metropolitan areas in the United States and will be ranked first or second in 70% of pharmacy locations. It will establish the leading integrated food, health and wellness retailer on the West Coast and will have a strong brand position in the Northeast.
Other benefits associated with the proposed merger include:
Under the terms of the agreement, in exchange for every 10 shares of Rite Aid common stock, Rite Aid shareholders will have the right to elect to receive either one share of Albertsons common stock plus approximately $1.83 in cash or 1.079 shares of Albertsons stock.
Depending upon the results of cash elections, upon closing of the merger, shareholders of Rite Aid will own a 28% to 29.6% stake in the combined company, and current Albertsons shareholders will own a 70.4% to 72% stake in the combined company on a fully diluted basis. Immediately following completion of the merger and assuming that all Rite Aid shareholders elect to receive shares plus cash, Albertsons will have approximately 392.9 million shares outstanding on a pro forma and fully diluted basis.
Albertsons is backed by an investment consortium led by Cerberus Capital Management, which also includes Kimco Realty Corporation, Klaff Realty, Lubert-Adler Partners and Schottenstein Stores Corporation.
The board of directors will be comprised of nine directors, four of whom will be named by Albertsons (including Bob Miller and Lenard Tessler, vice chairman and senior managing director at Cerberus), four of whom will be named by Rite Aid (including John Standley) and one of whom will be a jointly selected director.
A majority of the board will be independent. Lenard Tessler will serve as lead director.
The transaction has been approved unanimously by the boards of directors of both companies. The merger is expected to close early in the second half of calendar year 2018, subject to the approval of Rite Aid’s shareholders, regulatory approvals and other customary closing conditions.Write comment (0 Comments)