December 8, 2017 at 9:18 p.m.
CVS plans merger with Aetna
Business Roundup
Drugstore operator CVS is making a $69 billion offer for insurer Aetna as it tries to position itself as a one-stop shop for Americans’ health care needs with prescription drugs, clinics and insurance plans to cover those goods and services, The Associated Press reported this week.
The companies announced Sunday that CVS Health Corp. will pay about $207 in cash and stock for each share of Aetna Inc. That’s a 29 percent premium over Aetna’s stock price before the first report about a possible deal in October.
The acquisition pairs a company that runs more than 9,700 drugstores and 1,100 walk-in clinics with an insurer covering around 22 million people.
CVS Health Corp. is also one of the nation’s biggest pharmacy benefit managers, processing more than a billion prescriptions a year for insurance companies, including Aetna.
The AP said the deal’s impact on prescription drug prices is uncertain. Aetna customers could first see some changes in how their plans are managed. Over time, a bulked-up CVS may gain more negotiating leverage over prices, but it is difficult to say how much would trickle down to customers.
ServSafe class
John Jay Center for Learning is hosting a ServSafe class on Dec. 18.
The ServSafe certification course provides guidelines for the safe handling of food and drinks to minimize food-borne illnesses. The certification is valid for five years upon completion.
The course is open to all food service employees. For more information, contact Becky at 260-729-5525 ext. 221.
Dollar menu
McDonald’s will be bringing back its dollar menu in 2018, with items available for $1, $2 and $3.
The restaurant chain announced this week that the new menu will launch on Jan. 4. Different items will be available at one of three price points.
McDonald’s stopped offering its dollar menu in 2013 in order to cut costs, Reuters reported.
Rebranded
Walgreens has debuted a new tagline, “Walgreens. Trusted since 1901.”
The tagline replaces “At the corner of happy and healthy,” the previous slogan.
The company is emphasizing its legacy of care, according to a press release.
In other news, Walgreens Boots Alliance is investing in the Chinese pharmacy chain GuoDa.
Walgreens Boots Alliance is the holding company of Walgreens.
The company announced in a press release Wednesday it will have a 40 percent stake in GuoDa, a retail pharmacy chain with 3,500 retail pharmacies across China.
Approved
The merger between MainSource Financial Group and First Financial Bancorp has been approved by the companies’ shareholders.
The merger, which was announced in July, will unite the two banks into one company, valued at around $13 billion.
First Financial will own 63 percent of the company, with Mainsource owning the rest. The merger is expected tocompleted in early 2018.
Mainsource Bank has several locations in Portland.
New counsel
Tyson Foods Inc. has hired new legal counsel.
The company announced last week it had hired Amy Tu as executive vice president and general counsel, going into effect on Monday.
Tu previously worked for The Boeing Company in a variety of roles, most recently as chief counsel for globallaw affairs. She has also worked for Gap, Inc., and Walmart. She graduated from the University of Arkansas School of Law and has a bachelor’s degree from Wellesley College.
Tyson Foods is the parent company of Tyson Mexican Original in Portland.
Supply
Allegheny Technologies Incorporated has been tapped to supply products for an oil pipeline repair, which will generate $30 million in revenue.
The parent company of Portland Forge will supply the nickel-based alloy product for the repair, with shipments expected to begin in early 2018.
Name change
Wal-Mart Stores, Inc., is no more. Now, the company will officially be called Walmart Inc., it announced Wednesday.
The name change is an effort to align the company with its customers, who typically excluded the hyphen in the original name when referring to stores.
The change goes into effect on Feb. 1.
Renovating
20/20 Custom Molded Plastics Inc. has announced a $15.2 million investment in new equipment at its Bluffton plant, the former Buckhorn building.
The company currently has 60 employees and projects growth to 120. A tax abatement request was approved this week by the Bluffton City Council.
Change horses
The Indiana Horse Racing Commission is still awaiting an application for the proposed sale of the state’s two racetrack casinos to Caesars Entertainment, The Herald-Bulletin of Anderson reported this week.
The commission has received the financial agreement between Centaur Gaming, which owns Anderson’s Hoosier Park Racing & Casino and Indiana Grand in Shelbyville, and Caesars Entertainment.
The sale would require approval by both the IHRC and the Indiana Gaming Commission.
The deal, reported to be worth more than $1 billion, was announced Nov. 16.
Caesars Entertainment already owns the state’s largest casino, HorseshoeHammond and Horseshoe Southern Indiana.
The companies announced Sunday that CVS Health Corp. will pay about $207 in cash and stock for each share of Aetna Inc. That’s a 29 percent premium over Aetna’s stock price before the first report about a possible deal in October.
The acquisition pairs a company that runs more than 9,700 drugstores and 1,100 walk-in clinics with an insurer covering around 22 million people.
CVS Health Corp. is also one of the nation’s biggest pharmacy benefit managers, processing more than a billion prescriptions a year for insurance companies, including Aetna.
The AP said the deal’s impact on prescription drug prices is uncertain. Aetna customers could first see some changes in how their plans are managed. Over time, a bulked-up CVS may gain more negotiating leverage over prices, but it is difficult to say how much would trickle down to customers.
ServSafe class
John Jay Center for Learning is hosting a ServSafe class on Dec. 18.
The ServSafe certification course provides guidelines for the safe handling of food and drinks to minimize food-borne illnesses. The certification is valid for five years upon completion.
The course is open to all food service employees. For more information, contact Becky at 260-729-5525 ext. 221.
Dollar menu
McDonald’s will be bringing back its dollar menu in 2018, with items available for $1, $2 and $3.
The restaurant chain announced this week that the new menu will launch on Jan. 4. Different items will be available at one of three price points.
McDonald’s stopped offering its dollar menu in 2013 in order to cut costs, Reuters reported.
Rebranded
Walgreens has debuted a new tagline, “Walgreens. Trusted since 1901.”
The tagline replaces “At the corner of happy and healthy,” the previous slogan.
The company is emphasizing its legacy of care, according to a press release.
In other news, Walgreens Boots Alliance is investing in the Chinese pharmacy chain GuoDa.
Walgreens Boots Alliance is the holding company of Walgreens.
The company announced in a press release Wednesday it will have a 40 percent stake in GuoDa, a retail pharmacy chain with 3,500 retail pharmacies across China.
Approved
The merger between MainSource Financial Group and First Financial Bancorp has been approved by the companies’ shareholders.
The merger, which was announced in July, will unite the two banks into one company, valued at around $13 billion.
First Financial will own 63 percent of the company, with Mainsource owning the rest. The merger is expected to
Mainsource Bank has several locations in Portland.
New counsel
Tyson Foods Inc. has hired new legal counsel.
The company announced last week it had hired Amy Tu as executive vice president and general counsel, going into effect on Monday.
Tu previously worked for The Boeing Company in a variety of roles, most recently as chief counsel for global
Tyson Foods is the parent company of Tyson Mexican Original in Portland.
Supply
Allegheny Technologies Incorporated has been tapped to supply products for an oil pipeline repair, which will generate $30 million in revenue.
The parent company of Portland Forge will supply the nickel-based alloy product for the repair, with shipments expected to begin in early 2018.
Name change
Wal-Mart Stores, Inc., is no more. Now, the company will officially be called Walmart Inc., it announced Wednesday.
The name change is an effort to align the company with its customers, who typically excluded the hyphen in the original name when referring to stores.
The change goes into effect on Feb. 1.
Renovating
20/20 Custom Molded Plastics Inc. has announced a $15.2 million investment in new equipment at its Bluffton plant, the former Buckhorn building.
The company currently has 60 employees and projects growth to 120. A tax abatement request was approved this week by the Bluffton City Council.
Change horses
The Indiana Horse Racing Commission is still awaiting an application for the proposed sale of the state’s two racetrack casinos to Caesars Entertainment, The Herald-Bulletin of Anderson reported this week.
The commission has received the financial agreement between Centaur Gaming, which owns Anderson’s Hoosier Park Racing & Casino and Indiana Grand in Shelbyville, and Caesars Entertainment.
The sale would require approval by both the IHRC and the Indiana Gaming Commission.
The deal, reported to be worth more than $1 billion, was announced Nov. 16.
Caesars Entertainment already owns the state’s largest casino, Horseshoe
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