QRS BREAKS DEAL WITH JDA, TO MERGE WITH INOVIS
d its previously reported merger plans announced in June with JDA Software Group, a retail software supplier based in Scottsdale, Ariz. Instead, it will be acquired by Inovis, Atlanta, a supplier of B2B systems and services. QRS, a data pool provider that supports data synchronization and EDI, said it will pay JDA a $3.75 million termination fee. Under the terms of the Inovis acquisition, QRS shareholders will receive $7 in cash for each share of QRS common stock. Also, terms call for a wholly owned subsidiary of Inovis to merge with QRS. The transaction is valued at about $116 million. Completion of the merger, which is expected to close in fourth-quarter 2004, is subject to the approval of QRS stockholders. QRS also provides competitive pricing information to food retailers. "We are excited about the complementary nature of the products and services that a combined company represents," said Jim Schaper, chairman and chief executive officer, Inovis, in a statement. Michelle Kershner, JDA spokeswoman, commented, "QRS was an attractive acquisition candidate at a certain price. Our valuation indicated QRS could represent up to 22% of JDA's market cap. We were not willing to pay more."
NRF FORMS LOSS PREVENTION ADVISORY COUNCIL
WASHINGTON -- National Retail Federation (NRF) here has announced the formation of the NRF Food Industry Loss Prevention Advisory Council. The group was formed in an effort to meet the needs of loss prevention executives and their teams in the grocery and convenience sectors of the retail industry. "While loss prevention is nothing new to the retail industry, the increase in organized crime has hit the industry particularly hard, especially the food industry," said Tracy Mullin, NRF's president and chief executive officer, in a statement. The council, chaired by Daniel Faketty, Harris Teeter's vice president of loss prevention, will work with the NRF Investigator's Network and the NRF-FBI Retail Intelligence Network to communicate information regarding theft that impacts retailers. Other participants include Smart & Final, Winn-Dixie, Thrifty Foods, Raley's and Kmart.