Carson Pirie Scott Selling Airline Catering and Concessions to Greyhound
CHICAGO (AP) _ Carson Pirie Scott & Co. said it will sell its airline catering business and airport concessions to the Greyhound Corp. for $390 million.
Directors of the companies approved a definitive agreement under which $315 million will be distributed to shareholders of Chicago-based Carson Pirie Scott, at about $30 per share, and $75 million will be used to assume debt obligations, Carson Pirie Scott said.
Greyhound, based in Phoenix, Ariz., will acquire three businesses: Dobbs International Services, which provides airline catering; Dobbs Houses Inc. and Carson International Inc., both terminal concession operations.
The deal is expected to be completed in the third quarter of this year, the companies said Wednesday.
Carson Pirie Scott said it will retain its department stores and other retail businesses as well as other food-service, lodging and information systems operations.