Takeover of Oshawa Group may net its CEO millions

Article Abstract:

Oshawa Group Ltd. CEO and President John Lacey could reap millions after serving the company in a few months time if the takeover bid of C$1.5 billion pushes through for Empire Co. Ltd.'s subsidiary, Sobeys Canada Inc. According to Lacey's contract with Oshawa, he could leave the company with three years' salary, bonus and benefits, aside from his options to purchase 400,000 class A shares of the company. Sobeys' bid involves the payment of C$116 for every Oshawa common share and C$36 or stock for every class A nonvoting shares.

Comment:

CEO & President John Lacey could reap millions after serving company in few months if takeover bid of C$1.5 bil pushes through

Management development

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Lacey to oversee aisles at Oshawa Group

Article Abstract:

Oshawa Group Ltd., headquartered in Toronto, Canada, has named John Lacey as its new president and chief executive officer. Fifty-five-year old Lacey, a former chief at WIC Western International Communications Ltd., will begin to assume his post on Sep. 8, 1998. He will replace chairman and CEO Allister Graham. Oshawa, owner of IGA and Price Chopper, intends to shell out a record investment of $217 million on capital expenditures that include enhancement to its store network and distribution system.

Comment:

Has named John Lacey as its new president and chief executive officer

Executive changes & profiles

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Second Cup plans to pour funds into share buyback

Article Abstract:

Specialty coffee retailer Second Cup Ltd of Toronto will buy back up to C$80 million worth of its own shares. Second Cup will repurchase up to 5 million of its 14.3 million shares currently outstanding at C$16 per share. The company has around C$55 million in cash. In addition, it is expecting another $32 million in cash stock for its 70% stake in Coffee People Inc, which is being acquired by Diedrich Coffee Inc.

Acquisitions & mergers, Coffee and Tea Manufacturing, Specialty Coffee, Second Cup Ltd., Specialty coffees

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