Newspaper article The Florida Times Union

Morning Briefs

Newspaper article The Florida Times Union

Morning Briefs

Article excerpt

WINN-DIXIE REPORTS ANOTHER MONTHLY LOSS

Winn-Dixie Stores Inc. reported an operating loss of $11.4 million for the four weeks ended May 3, according to its monthly report filed Tuesday in U.S. Bankruptcy Court in Jacksonville. Sales for the month were $575.1 million, down from $581.4 million the previous month.

Because of losses from discontinued operations, including $57.2 million in lease termination costs from the closing of 35 stores, Jacksonville-based Winn-Dixie reported a final net loss of $81.8 million for the four-week period.

Mark Basch/The Times-Union

VOTE ON $1.1 BILLION ARMOR ACQUISITION A GO

Stewart & Stevenson Services Inc., a maker of military trucks, said a vote to approve the $1.11 billion sale of the company to Armor Holdings Inc. will proceed as planned today after a legal challenge was defeated.

A state court in Houston denied Oshkosh Truck Corp.'s request for a temporary restraining order to postpone the vote, Stewart & Stevenson said in a statement on its Web site Wednesday.

Oshkosh in March said it made an unsuccessful bid to acquire Stewart & Stevenson earlier this year.

Under Texas law, Houston-based Stewart & Stevenson needs the approval of two-thirds of its shareholders to complete the sale to Armor. The vote was postponed twice from the original date of May 9 as some investors held out for a better offer from Oshkosh. Armor Holdings raised its offer by 4.3 percent to $36.50 a share on May 15 to win over some of those investors.

Oshkosh and Stewart & Stevenson are the U.S. military's two primary suppliers of medium tactical trucks. Armor Holdings, which makes armor for trucks, doesn't currently build the trucks themselves.

The U.S. Department of Justice and the U.S. Federal Trade Commission granted antitrust approval for the planned sale to Jacksonville-based Armor Holdings on April 19. …

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