Cerberus Says It's Close to Deal with SuperValu: Business Roundup

Cerberus & SuperValu Close to a Deal

After months of negotiations, Eden Prairie-based SuperValu and Cerberus Capital Management LP are nearing a sales deal.

According to Bloomberg Business, three people close to the matter said an investor group led by Cerberus is nearing a deal to acquire some of the grocery chain's assets and become a shareholder in the remaining public company.

As previously reported, after talks on a full takeover stalled in early December 2012, talks began to sell just some retail chains such as Albertsons and Save-A-Lot.

While some of the details have been agreed on, it is not a done deal. Bloomberg's sources said the companies hoped to announce a deal by Jan. 10.

Eden Prairie Patch will update readers as more information becomes available.

Read the full Bloomberg story here.

Starkey Hearing Foundation Honored By Dalai Lama

Eden Prairie's Starkey Hearing Foundation recently completed a hearing mission in India, where founders Bill and Tani Austin were blessed by the Dalai Lama for their philanthropic efforts around the world.

According to a release, the foundation delivered "the gift of hearing" by fitting more than 14,000 hearing aids to people in six different cities. This was the foundation's second trip to India in 2012.

“It’s such a privilege to help the lives of others, by connecting them to their loved ones and the world, through the gift of hearing,” Bill Austin said in the release. “I am humbled and eternally grateful that the Dalai Lama would take time to recognize our work and give us this special blessing.”

Read the full press release here.

State of the City Address Scheduled for Jan. 24

The annual State of the City Address hosted by the Eden Prairie Chamber of Commerce is scheduled for 11 a.m. Jan. 24 at the Garden Room of Eden Prairie, located at 8080 Mitchell Road in Eden Prairie.

Chamber President Pat MulQueeny will give an update of the state of the Eden Prairie business community, Superintendent of Eden Prairie Schools, Curt Tryggestad, will speak on what issues the schools will face this year, and City Manager Rick Getschow will share details on the progress made in 2012 as well as the projections and expectations for 2013.

The cost is $25 to attend. To RSVP, go to epchamber.org.

Recent Eden Prairie business news:

• Supervalu Settles Suit Against Ex Executive: Eden Prairie Business Roundup
• Eden Prairie 3D Printing Company Stratasys Plans Merger
• Stratasys Printers Turn Concepts Into 3D Models
• D'Amico & Sons Closes After Problem With Lease
• SuperValu Reports Run on Twinkies: Eden Prairie Business Roundup

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