Farmers, ‘gripe site’ creator reach deal

Farmers Insurance Group has settled a dispute with a Spokane man who had set up a Web site called FarmersInsuranceGroupSucks.com.

A complaint filed last year by Farmers in U.S. District Court against Spokane resident Rene Guerrero has been dismissed. Attorneys for Guerrero and the company both declined to elaborate, saying only that the lawsuit had been settled “to the satisfaction of both parties.”

Farmers had claimed Guerrero caused economic damages to the company through his Web site. Guerrero created the “gripe site” after he said the insurance firm denied adequate compensation to his wife, who was injured in an accident with a driver insured by Farmers.

Guerrero did not return a phone call seeking comment. His Web site now includes a list of five people whom Guerrero thanks for defending his ability to offer comments under the protection of free speech.

Sysco receives rebate for energy efficiencies

Post Falls

Sysco Corp. received a $152,000 rebate check Thursday for energy efficiencies built into its new Post Falls warehouse. The check was presented by the Bonneville Power Administration, in conjunction with Kootenai Electric Cooperative.

During the food warehouse’s first year of operation, it saved more than 1 million kilowatt-hours worth of electricity through the installation of efficient lighting and refrigeration compressors. The savings – enough to power more than 100 Northwest homes – cut Sysco’s energy bill by $40,000.

Since energy-efficient machines and lighting cost more to install upfront, the company qualified for rebates to help them recoup part of the cost, according to Kootenai Electric Cooperative.

The last time KEC issued a rebate of that size was in 1994, when Lake City High School received a $140,000 rebate.

Hudson’s Bay agrees to U.S. investor buyout

Toronto Canada’s oldest company, retailer Hudson’s Bay Co., has reached a sweetened takeover deal with U.S. investor Jerry Zucker, the company announced Thursday.

Zucker’s Maple Leaf Heritage Investments Acquisition Corp., Hudson’s Bay’s largest shareholder, boosted the U.S.-based firm’s previous all-cash takeover offer to $13.24 a share, or more than $920 million, plus assumed debt.

Hudson’s Bay said Thursday its board of directors had endorsed the agreement with Zucker’s company. Amid expectations of the imminent takeover deal, shares of Hudson’s Bay were halted by market regulators Thursday.

“The board has conducted a thorough process to maximize value for the shareholders of HBC and, after considering several offers for the company, has unanimously endorsed and is recommending that shareholders tender to the amended offer from Maple Leaf Heritage Investments Acquisition Corp.,” Yves Fortier, governor of Hudson’s Bay Co., said in a statement.

“We are satisfied that the amended offer constitutes full and fair value for the company.”

Hudson’s Bay had previously rejected as inadequate Zucker’s initial offer of C$14.75 (US$12.81) per share plus debt, made last fall. The new deal also comes with fewer conditions, the company said.

Zucker, who already owns almost 19 percent of HBC’s stock, has also made an all-cash offer for all the outstanding debt, due Dec. 1, 2008.

Hudson’s Bay Co. was established in 1670 and has more than retail 500 outlets across Canada.