Dollar General Takes Family Dollar Offer to Shareholders (Bloomberg)
Dollar General, based in Goodlettsville, Tennessee, has commenced an offer for all Family Dollar shares at $80 each, according to a statement today. The move follows Family Dollar’s rejection of an acquisition proposal at that price last week. The takeover target has accepted a lower bid from Dollar Tree Inc. (DLTR) instead, saying that deal will more easily gain regulatory clearance. The hostile offer ratchets up a three-way takeover battle that has grown increasingly rancorous. Dollar General has suggested that Family Dollar would prefer the Dollar Tree transaction in part because it includes a management role for Chief Executive Officer Howard Levine. Family Dollar, meanwhile, has said that Dollar General hasn’t sufficiently dealt with antitrust concerns for a merger that would create a massive retail chain with almost 20,000 locations.
Currency Markets Jolted After Months of Calm (WSJ)
"A confluence of different factors is provoking or fueling the rising volatility," said Mitul Kotecha, head of foreign-exchange strategy at Barclays in Singapore. "In the U.K., the Scottish referendum, in Europe, the anticipation around the European Central Bank's next moves and in the U.S., the realization that the market may be mis-pricing the path of the federal-funds rate; in Japan, the renewed speculation around the Bank of Japan's actions."
Trump Entertainment begins race to save Atlantic City casino (Reuters)
Trump Entertainment Resorts received U.S. Bankruptcy Court approval on Wednesday for an agreement that gives it 30 days to craft a cost-cutting turnaround plan to save its Taj Mahal casino-hotel from liquidation. A lawyer for Trump Entertainment said after the hearing in Wilmington, Delaware, that the company could present a plan to end operations. "It could be a liquidating plan, but we hope not," said Kristopher Hansen, an attorney with Stroock & Stroock & Lavan who represents Trump Entertainment. The company plans to close the smaller of its two casinos, the Trump Plaza, next week. It will become the fourth casino-hotel to close in the New Jersey seaside resort this year.
Dartmouth’s Fall in Rankings Hampers Effort on Reputation (Bloomberg)
Dartmouth College’s fall from the Top 10 in a national university ranking is the latest setback for the Ivy League school that’s trying to repair its image after controversies about hazing, drinking and sexual assault. Dartmouth dropped to 11th place from a tie for 10th in the U.S. News & World Report rankings of top U.S. academic research institutions released yesterday...Dartmouth, ranked ninth by U.S. News four years ago, has been in the spotlight for more than a year for tales of fraternity hazing and a federal sexual harassment probe. The Hanover, New Hampshire-based college has introduced initiatives to address a student behavior. It now needs to adjust its message and present a plan for Greek life that’s more appealing to parents of prospective students, marketing and admissions consultants said.
Ana Botin Succeeds Father at Santander, Now Top Female Banker in Europe (Bloomberg)
Santander’s board today named Botin, 53, to the top executive post at Europe’s second-biggest bank by market value in a unanimous vote. Botin, who is giving up her post as chief executive officer of Santander’s U.K. business, replaces her father Emilio who died of a heart attack at the age of 79.
Man Stabs Coworker Who Ate His Meatball: Cops (HP)
A 31-year-old employee at a Fallston, Maryland business is accused of attacking a fellow employee who ate one of his meatballs, the Baltimore Sun reports. Cops say they were called to the scene at around 11:10 a.m. Thursday, after they say the man stabbed his lunch-pilfering coworker in the arm. The victim was taken to a hospital but has since been discharged. Harford County Sheriff’s Office spokesperson Cristie told The Baltimore Sun that charges are pending.
Ackman’s big Herbalife short gets better with stock slide (NYP)
Shares of the controversial diet shake company hit a 52-week low Tuesday, falling 4.7 percent to close at $46.49. Ackman shorted more than 20 million shares at an average estimated price of $48 per share beginning in May 2012. The activist, however, still hasn’t broken even on his $1 billion short because he was forced to convert some of the stock to long-dated options a year ago after a slew of big-name investors — including Carl Icahn and George Soros — took the opposite side of his bet and drove the price up to the mid-$60s.
N.J. Rating Cut by S&P as Christie Gets Record Downgrade (Bloomberg)
New Jersey had its credit rating cut one step by Standard & Poor’s, handing Chris Christie his eighth downgrade, the most ever for a Garden State governor. The reduction to A, the sixth-highest level, with a stable outlook follows a Sept. 5 downgrade by Fitch Ratings. It gives New Jersey the same general-obligation grade as California, which is on track for an upgrade as revenue exceeds Democratic Governor Jerry Brown’s estimates. Only Illinois has lower ratings than New Jersey among U.S. states.
Moody's Cuts Outlook For Brazil's Major Banks to Negative From Stable (WSJ)
Moody's Investor Services reduced its outlook for Brazilian major banks to negative from stable following a cut in the outlook for the country's sovereign rating, citing tepid economic activity, among others factors.
Guinness World Records' Weirdest Records Of 2015 (HP)
Some people get into the record books by a nose, but Nick Stoeberl got into Guinness World Records by a tongue. Stoeberl, 22, an artist and comedian from Monterey, California, has been trying to get official recognition for his massive tongue for two years. Guinness World Records finally measured him earlier this year and declared Stoeberl's titanic tongue measured 3.97 inches from tip to closed lip. That means he's licked previous record holder, Stephen Taylor, a 52-year-old British man whose licker measures a whopping 3.86 inches. Stoeberl picked the right time to get the record. Guinness World Records 2015 Edition -- its 60th collection -- is hitting stores today. Editor Craig Glenday admits he felt extra pressure to make sure all the world records featured in the big 6-0 edition were truly Guinness-worthy. He thinks he succeeded. “This is an important landmark edition for Guinness World Records, giving us the opportunity to look back at how records have changed over these six extraordinary decades," he said in a press release. "Of course, we’ve still had to process around 50,000 claims in this past year alone, giving us plenty of new and updated records to choose from… and making it a really difficult task to decide what makes the final cut.”