Roundup: Groupon CEO to stay; Supervalue sale talks stalled; Verizon retirees sue; more
Groupon CEO to stay after directors discuss tenure
Groupon Inc., the largest provider of online coupons, has no immediate plans to replace CEO Andrew Mason, a Mt. Lebanon native, after its board met to deliberate whether to make changes to senior management. Directors of the Chicago-based company met on Thursday, and some members were planning to voice frustration with Mason's leadership, a person with knowledge of the matter said this week. Groupon shares fell on the disclosure that he wouldn't be ousted. “The board and the management team are focused on the performance of the company, and they are all working together with heads down to achieve Groupon's objectives,” Paul Taaffe, a spokesman for Groupon, said.
Supervalu sale talks stall
Cerberus Capital Management LP's pursuit of grocery chain Supervalu Inc. has stalled because the private-equity firm has had trouble obtaining the funds for a leveraged buyout, people familiar with the matter said. Lenders are balking because they're concerned with how the Eden Prairie, Minn.-based chain will manage increased debt load as revenue shrinks. Lenders are pressing Cerberus to put more money into the deal than the firm is willing to. Without a sale to Cerberus, Supervalu risks having to restructure its grocery chains on its own or sell individual assets, the people said. That may pose a challenge because the struggling retailer would face large tax payments for selling the assets, the people said. Supervalu supplies Shop 'n Save, Foodland and Kuhns stores in the Pittsburgh area.
Mylan adds to generic offerings
Mylan Inc. said on Thursday that it introduced a generic incontinence drug to the U.S. market and was selected by the South African government as a supplier of antiretroviral drugs. Cecil-based Mylan has started selling Tolterodine Tartrate tablets, the generic version of Detrol, made by Pfizer Inc. Tolterodine Tartrate had U.S. sales of $61.5 million for the 12 months ended Sept. 30. The company said the South African National Department of Health selected Mylan's Indian subsidiary to supply it with 31 percent of the 30 million units of HIV/AIDS drugs it will buy in a two-year period ending Dec. 31, 2014. Mylan's share of the contract is valued at about $127.5 million.
Real estate investors favor city
Investors from across the nation continue to buy Pittsburgh offices, hotels and other real estate developments because the city is viewed nationally as one of the most stable regions in the country, a quality that lenders like, according to a BlackRock Inc. executive. “Not only are they coming from California and New York to purchase Downtown or Oakland offices, hotels and other real estate developments, but the city is also attracting major financial giants to refinance existing properties,” said Clinton Soose, vice president BlackRock. Goldman & Sachs refinanced the mortgage at Station Square, and Deutsche Bank did the same about nine or 12 months ago for Piatt Place, he said. Soose spoke at the 4th Annual Commercial Real Estate Finance Update, sponsored by the Commercial Real Estate Women chapter in the Rivers Club, One Oxford Centre, Downtown.
Verizon retirees sue over pension
Verizon retirees have sued the phone company because it's planning to transfer the responsibility of paying their pensions to an insurance company, where they will have weaker legal protection. Verizon Communications Inc. said last month that it would transfer $7.5 billion of its pension obligations, covering 41,000 management retirees, to Prudential Insurance. The deal effectively turns the company's defined-benefit pensions into annuities. Members of the Association of BellTel Retirees sued in federal court in Dallas. They're seeking a court order to halt the deal, which is set to close in December. They note that annuities aren't covered by the federal Pension Benefit Guaranty Corp. A shortfall in the assets backing the annuities would be replaced by a “patchwork network of state guaranty associations, many of which are underfunded,” the group said.
— Staff and wire reports
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Lincoln tries to rejuvenate career in second stint with Pirates
- Rossi: Pirates better with Maz on scene
- Trade for Winnik gives Penguins competition among bottom six
- Snow sculptors have a ball with Iceburgh, Einstein
- Problem with gas line forces evacuations in California Borough
- 8 shot to death, including gunman, in Missouri rampage
- Company claims Carnegie Mellon University defrauded it on Tartarstan venture
- Penguins notebook: No discipline for Capitals’ Wilson
- Rue21 adjusts for tough market
- Fast-growing Americans for Prosperity opens location in Greensburg
- Easter Seals merger in Pennsylvania raises ethics concerns