HD to Evaluate Strategic Alternatives for HD Supply Business
February 12, 2007The Home Depot, Atlanta, GA, has announced it will evaluate strategic alternatives" for its HD Supply business, including a possible sale, spin or initial public offering of the business.
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In a release, the company said a transaction is not definite. HD has retained Lehman Brothers as its financial advisor. HD said it would not disclose further developments with respect to HD Supply unless the board of directors has approved a definite transaction.
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"Today's announcement is a continuation of the strategic review we did in November," said CEO Frank Blake. "We are undertaking this action today because of our desire to increase our ...
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The Home Depot, Atlanta, GA, has announced it will evaluate strategic alternatives" for its HD Supply business, including a possible sale, spin or initial public offering of the business.
;
In a release, the company said a transaction is not definite. HD has retained Lehman Brothers as its financial advisor. HD said it would not disclose further developments with respect to HD Supply unless the board of directors has approved a definite transaction.
;
"Today's announcement is a continuation of the strategic review we did in November," said CEO Frank Blake. "We are undertaking this action today because of our desire to increase our focus on our retail business. With annual revenues of $12 billion, HD Supply is a healthy, growing and vibrant business and we are undertaking this evaluation to determine whether there are strategic alternatives with respect to HD Supply that would optimize shareholder value."
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HD Supply has almost 1,000 locations in the U.S. and Canada.
After Robert Nardelli's departure as CEO, the Home Depot has remained under pressure to make changes strategically to boost share value. HD recently reached an agreement with Relational Investors LLC, which has criticized HD's wholesale strategy; a principal of Relational will sit on the board of directors.
Related
Links:
HD Reaches Agreement with Activist Investor
HD Board May Meet With Activist Investor This Week
Home Depot CEO Nardelli Resigns
HD to Reject Proposal to Evaluate "Strategic Alternatives"
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