The University Falls Apartments located on the NE corner of Boyd Street and Classen Boulevard was purchased May 30 for $1,175,000 by Paramount Investment Management LLC. The Seller was Stephen G. Teel dba Elite Properties.
The transaction was brokered by Brad Worster, CPM, CCIM, of JR Fulton & Associates Inc.’s Norman branch. Financing was provided by Republic Bank & Trust. Janie Murphy of Cleveland County Abstract was the closer.
Borders to sell foreign units
DETROIT — Borders Group Inc. said Thursday it had a deal to sell its Australia, New Zealand and Singapore businesses for approximately $104 million.
Investors cheered the news, sending Borders shares up 17.5 percent, or $1.08, to close at $7.25 on the New York Stock Exchange.
The Ann Arbor, Mich.-based bookseller reached the deal with A&R; Whitcoulls, an Australian bookseller owned by Pacific Equity Partners. The deal includes 30 Borders superstores and is expected to close next week.
“The market seemed to like it. To me, it’s almost a nonevent,” said Rick Munarriz, senior analyst at the Motley Fool. “It’s just 30 stores we’re talking about here. It’s Borders saying we aren’t going to take over the world, we weren’t going to be important in Australia and Singapore. We have trouble closer to home.”
When the deal closes, Borders will receive approximately $90 million. Then additional payments of up to $14 million will be made to Borders by March 31, 2009, if performance targets are reached.
As part of the agreement, A&R; Whitcoulls, which owns and operates more than 260 stores, will have the right to use the Borders brand throughout Australia, New Zealand and Singapore consistent with a brand-licensing pact.
“This transaction represents an attractive valuation, permits us to forgo further investment in these businesses, and provides our company with a significant cash infusion to further reduce debt, which is one of our key financial initiatives,” said Borders Group CEO George Jones.
Munarriz said he hopes Borders doesn’t use the proceeds just to pay down its debt. Instead, it would do well to recognize where technology is heading.
Regulators sign off on Miller, Coors merger
MILWAUKEE — Miller Brewing Co. and Coors Brewing Co. have received approval from antitrust regulators for their proposed joint venture, MillerCoors LLC, and the new company is expected to be officially created on June 30, it was announced Thursday.
MillerCoors combines the U.S. operations of SABMiller Plc and Molson Coors Brewing Co., forming a company with 9,800 employees, eight breweries, annual sales of $6.6 billion, and a 29 percent market share. Company executives say MillerCoors will be a more effective competitor with Anheuser-Busch Cos., which has a 48 percent market share.
SABMiller and Molson Coors will each have a 50 percent voting interest in MillerCoors, with an equal number of directors on the new company’s board.
But, based on asset value, SABMiller holds a 58 percent economic interest in MillerCoors. That means 58 percent of the joint venture’s income will flow to SABMiller, a London-based global brewer.
Leo Kiely, Molson Coors chief executive officer, will be CEO of MillerCoors and will serve at least two years. He is expected to be succeeded by former Miller President Tom Long, who will be MillerCoors’ president and chief commercial officer.
Pete Coors, Molson Coors vice chairman, will be chairman of MillerCoors but does not have an executive position. Graham Mackay, SABMiller chief executive, will be vice chairman of MillerCoors.
MillerCoors will not close any of the six breweries operated by Miller, or the two breweries operated by Coors.
But, with a goal of saving $500 million annually, MillerCoors is expected to cut office and administrative jobs at both Miller’s headquarters in Milwaukee and the Coors headquarters in Golden, Colo.
There’s also the issue of where the MillerCoors headquarters will be located. The headquarters could be a relatively small operation, consisting mainly of upper level management and their support staff.
Pete Coors said in February that the headquarters would probably land somewhere other than the Milwaukee or Denver areas in order to create a “neutral site.” Hastily issued statements from both Coors Brewing and Miller downplayed his remarks.
— Transcript Staff and AP
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