WOONSOCKET – CVS Corp., which agreed to buy 1,260 Eckerd stores from J.C. Penney Co., volunteered to refile its pre-merger notification and report form with the U.S. Federal Trade Commission.
CVS’ initial submission, made on April 16, was followed by an informal request from the Commission staff for additional information about the Eckerd transaction, the company said in a statement.
CVS last month agreed to purchase the Eckerd stores for $2.15 billion to expand in the southern United States, where the number of retirees is increasing. CVS expects to surpass No. 1 chain Walgreen Co. after the Eckerd purchase is completed, which is scheduled for June.
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The re-filing won’t change the scheduled completion of the acquisition, CVS spokesman Todd Andrews said. (Bloomberg News)
Senate approves creation of Quonset Development Corp.
PROVIDENCE – The Senate gave overwhelming approval to legislation recently to make the Quonset Davisville Management Corporation its own entity.
The bill separates QDMC from its parent agency, the Rhode Island Economic Development Corporation, establishing it as a stand-alone public agency, renamed the Quonset Development Corporation.
Sponsored by Sen. James C. Sheehan of Narragansett and North Kingstown, the bill is part of the Senate Leadership Package of 2004 economic development bills and is designed to reshape how the QDC operates.
“Approval of this bill will first ensure that there is an entity whose sole focus and total responsibility is park development,” Sheehan said in a press release.
The new QDC would assume control over development at the Quonset Davisville Port and Commerce Park, including leasing and selling property, which has been managed by the EDC.
The bill will also restructure the proposed QDC by enforcing strict standards, auditing provisions, open procedures and eliminate the word “port” from statutory language. The QDC board would consist of two voting directors representing North Kingstown, one representing Jamestown, and an additional director for East Greenwich.
