Business Watch -- WSJ
01 July 2016 - 5:03PM
Dow Jones News
Nike
Co-Founder Knight Retires as Chairman
Nike Inc. said co-founder Phil Knight officially has retired as
the athletic-gear giant's chairman, turning over the position to
Chief Executive Mark Parker and bringing to a close an executive
transition begun a year ago.
Mr. Knight also disclosed that he has sold his voting interests
in Swoosh LLC, which was created to hold most of his Class A
shares, to a trust controlled by his son and board member, Travis
Knight. The move gives Travis Knight control of two of five votes
on the board.
--Tess Stynes
AMC Entertainment
Price Concerns Stall Vote on Carmike Deal
A shareholder vote to approve AMC Entertainment Holdings Inc.'s
$1.1 billion acquisition of Carmike Cinemas Inc. has been postponed
following concerns among some Carmike shareholders that the sale
price is too low.
The vote, which would have created the country's largest
movie-theater company, was scheduled for Thursday. But AMC called
off the vote, saying the deal is at "considerable risk" following
weeks of disagreement among some Carmike shareholders about whether
the $30 a share purchase price undervalued the company.
The vote will be July 15.
--Erich Schwartzel
United Parcel Service
Locker Program Expands Nationwide
United Parcel Service Inc. is rolling out 300 new locker pickup
locations nationwide after what it says was a successful test of
nine locations in Chicago.
The lockers are part of a broader effort by the delivery company
to both lower the costs of delivering e-commerce packages, as well
as to meet changing consumer demands as online shopping booms.
--Laura Stevens
(END) Dow Jones Newswires
July 01, 2016 02:48 ET (06:48 GMT)
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