Mergers & Acquisitions

An affiliate of Phoenix-based private equity investor Najafi Cos. has acquired the well-known SkyMall in-flight catalog and e-commerce business for an undisclosed sum. Although the privately held SkyMall doesn't disclose revenue, annual sales are thought to exceed $100 million. Through its Direct Brands unit, Najafi already sells books, music and other products to members of the various direct marketing clubs it operates in the United States, Canada and Europe. With SkyMall, Najafi sees an opportunity to offer new products to its book- and music-club members and books, music and videos to SkyMall catalog readers.

Callaway Golf Company announced the sale of the Top-Flite brand to Dick's Sporting Goods. The announcement was made by Chip Brewer, president and CEO of Callaway Golf. "The decision to sell Top-Flite reflects the company's renewed focus and commitment to driving the proficiency of our core businesses, specifically the success of Callaway and Odyssey products," said Brewer. "Our strong working relationship with Dick's Sporting Goods went a long way towards the completion of this agreement and we look forward to their stewardship of the Top-Flite brand."

Dick's Sporting Goods announced today that it's agreed to make a 20 million pounds strategic investment in JJB Sports, a leading U.K. sports retailer. Under the terms of the agreement, Dick's Sporting Goods will purchase 18.75 million pounds in junior secured convertible notes and 1.25 million pounds in ordinary shares of JJB Sports, subject to the approval of JJB's shareholders. In conjunction with its investment in JJB Sports, Dick's will be entitled to nominate up to two nonexecutive directors to serve on the JJB Sports' board. Dick's will also be entitled to board observer rights under certain circumstances.

HSN announced that it's acquired Chasing Fireflies, a direct-to-consumer premium children's and family lifestyle brand, through HSNI's operating segment, Cornerstone Brands. The acquisition allows HSNI to participate in a fast-growing business with unique and proprietary products, customer loyalty, and high digital penetration. Terms of the transaction weren't disclosed.

Fossil announced that it's completed, effective April 2, the previously announced acquisition of Skagen Designs and certain of its international affiliates for $231.7 million in cash, which includes a working capital adjustment of approximately $6.7 million, and 150,000 shares of Fossil, Inc. common stock. In addition, the sellers may receive up to 100,000 additional shares of Fossil common stock if Fossil's net sales of Skagen-branded products exceed certain thresholds. Skagen Designs manufactures, markets and distributes watches, jewelry, sunglasses and clocks. 

Struggling beauty products seller Avon Products on Monday rejected a buyout offer worth about $10 billion from fragrance maker Coty Inc. Coty went public with the bid for Avon on Monday. It said the offer was an increase from a previous bid of $22.25 per share. The new offer is a 20 percent premium to Avon's Friday closing price of $19.36. But Avon said Monday that the offer is basically the same as Coty's previous one. Avon said its board still believes Coty's offer is not in the best interest of shareholders and that it undervalues the New York company.

Hallmark Cards announced the acquisition of SpiritClips, a broadband subscription-based online video service and film production company that offers heartwarming short films, family-friendly movies and documentaries. Based in Los Angeles, this small startup business was founded in 2007 by Rob Fried, an Academy-award winning producer and studio executive, whose many films include "Rudy" and "Hoosiers." Fried will continue in his current capacity as SpiritClips CEO, and the firm will remain in California. 

After much speculation, Michaels Stores confirmed that it has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. According to the filing, the company proposed to raise $500 million in the IPO. The number of shares to be sold and the price range for the proposed offering haven't yet been determined.

Meijer, the Grand Rapids, Mich.-based retailer, announced today the acquisition of plant operations at Bareman's Dairy, a local family-owned company based in Holland, Mich. Meijer's move into dairy production will also include a more than $8 million investment to expand the Bareman's dairy plant in Holland, Mich. "This is an exciting day for our company," said Co-Chairman and CEO Hank Meijer. "As Meijer continues to grow, it's crucial we invest in the operations that will help us keep our promise of higher standards and lower prices to our customers. Expanding into dairy operations will do just that."

_ EXCLUSIVE Eddie Lampert is cleaning out the closet at Sears, and hes not feeling sentimental about Lands End. The number-crunching hedge-fund tycoon who, as chairman of Sears Holdings, has lately been scrambling to raise cash amid heavy losses at the Sears and Kmart retail chains has quietly been shopping the Dodgeville Wis. mail-order catalog to potential buyers, The Post has learned. Lampert, who inherited Lands End when he took control of Sears in 2005 by merging it with Kmart, has approached a handful of private-equity firms as he looks to raise as much as $2 billion in cash,