Family Dollar agrees to sale

Two of North America’s biggest discount retailers united Monday when Dollar Tree bought Family Dollar Stores for about $8.5 billion in cash and stock.
Investor Carl C. Icahn, who owns a nearly 10 percent stake in Family Dollar, had urged it to sell last month, but a statement issued by the company said it had been exploring options since the winter. Family Dollar has locations in both Dunkirk, where it plans to build a new store, and Portland.
Dollar Tree agreed to pay $74.50 for each share of Family Dollar. The bid is made up of $59.60 a share in cash and Dollar Tree stock worth about $14.90.
The two companies will have 13,000 stores in 48 states and Canada, surpassing rival Dollar General Corporation’s 11,300 stores, and more than $18 billion in revenue.
Store names will remain separate under the combined company and Dollar Tree plans to keep Family Dollar as a separate brand.

Instructor named
Veteran broadcaster and Ball State journalism instructor John Strauss has been named interim general manager for Indiana Public Radio and WIPB-TV, a PBS affiliate in Muncie.
A former Associated Press editor, Strauss also serves as faculty adviser to the Ball State Daily News and is part of the team developing the school’s new Unified Media Lab.
Strauss began working about two years ago on IPR’s “Indiana Weekend,” which won best public affairs program and best radio documentary from state journalism groups.
He produced and hosted “Faith, Hope & Community,” a public forum on race in 2012, for WIPB.
Strauss earned his master’s degree in telecommunications-digital storytelling from Ball State and has a business degree from the University of Notre Dame.

Bank aquired
Evansville based Old National Bancorp announced Monday it will acquire Founders Financial Corporation, Grand Rapids, Mich., through a stock and cash merger.
Founders Financial Corporation is a bank holding company with Founders Bank & Trust as its wholly owned subsidiary. Founders Bank & Trust operates four full-service banking centers in Grand Rapids.
Old National Bancorp, the parent company of Old National Bank, is the largest financial services holding company headquartered in Indiana, with 173 banking centers, including one in Portland.

Company to sell
Waste Management, Inc., plans to sell its subsidiary Wheelabrator Technologies, Inc., to Energy Capital Partners for $1.94 billion as an effort to focus on its core business.
Wheelabrator owns or runs 17 waste-to-energy facilities and four independent power-producing plants in the United States.
Waste Management said Tuesday it will enter a long-term agreement to supply waste to certain Wheelabrator facilities once the transaction is complete.