Jewel parent says sale talks proceeding

Exterior of Jewel-Osco's first "Green Store" located at 370 N. Desplaines in Chicago. (Antonio Perez / November 29, 2012)

By Emily Bryson York




Chicago Tribune reporter

6:51 a.m. CST, November 30, 2012

Supervalu, the Minneapolis-based parent of Jewel-Osco said sale talks are proceeding after stock closed down more than 18 percent Thursday, to $2.28.

The beleaguered grocery chain was likely moving to combat reports that sale talks with suitor Cerberus Capital Management had stalled over funding.

"The company continues to be in active discussion with several parties," according to the statement. "There can be no assurance that this process will result in any transaction or any change in the Company's overall structure or its business model."

Supervalu, the third-largest U.S. grocery chain, has acknowledged sale talks since the spring. The company has been closing stores and cutting jobs as it has underperformed competitors like Dominick's parent Safeway and Kroger.

If Supervalu does not sell to Cerberus, it may have to restructure on its own or sell off individual assets, which could have big tax consequences, Bloomberg said.

Reuters reported last month that buyout firm Cerberus was preparing a takeover bid for Supervalu, the third-largest U.S. supermarket chain.

Cerberus officials could not be reached immediately for comment.

-- Reuters contributed to this report

In addition to Jewel, Supervalu owns Albertsons, Cub and other regional grocery chains.

SVU data by YCharts

SVU data by YCharts

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Male shot by police on South Side

An off-duty Chicago police officer who witnessed a crash during a police chase shot the driver of a stolen SUV after it struck a woman crossing the street late Thursday night, authorities said.

The SUV's drivert sustaine a non-life-threatening wound to his hand or arm, Fraternal Order of Police Spokesman Patrick Camden said.

The crash and subsequent shooting happened about 10 p.m. at the intersection of 37th Street and Dr. Martin Luther King Jr. Drive, two blocks south and three blocks east of the police department headquarters, in the city’s Bronzeville neighborhood, police said. 

A gray SUV was fleeing Wentworth District police northbound on King Drive when it made a left turn through a red light trying to head west on 37th Street, hit a light pole, hit a female pedestrian, and then hit a concrete wall that surrounds the massive three-story brick home on the corner, authorities said. 

An off-duty officer, on his way home from work with his girlfriend and his dinner, was stopped at the light facing south and saw the chase coming north up King Drive. His girlfriend was getting out of the passenger side about this time, Camden and police said. 

As the off-duty officer approached the stolen SUV, its driver tried to reverse back toward the officer, who fired twice, fearing that the SUV would hit his girlfriend. The SUV hit the officer’s black Yukon, Camden said, and its driver put the SUV into gear and tried to escape again. 

The officer fired two more times, hitting the man in the hand, who gave up and was taken to Mercy Hospital and Medical Center. 

The female pedestrian’s age wasn’t available, and she was taken to the University of Chicago Hospitals. The officer’s girlfriend, whose age wasn’t available, was also taken to Mercy Hospital and Medical Center. 

Police blocked King Drive in both directions between the 3500 block and 39th Street, and 37th Street was also blocked. The CTA rerouted buses in the area. 

pnickeas@tribune.com
Twitter: @peternickeas

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Stephen King and Steven Spielberg’s “Under the Dome” gets series order from CBS

LOS ANGELES (TheWrap.com) – “Under the Dome” has landed under the wing of CBS.

The network has given a 13-episode, straight-to-series order for the project, an adaptation of the Stephen King novel of the same name.

The series will premiere in summer 2013.

King will executive-produce, along with Steven Spielberg, whose Amblin Television will produce the series in association with CBS Television Studios. Neal Baer, Justin Falvey, Darryl Frank, Stacey Snider and Brian K. Vaughan are also executive-producing. Niels Arden Oplev (“The Girl With the Dragon Tattoo”) will direct the first episode.

The series will revolve around a small New England town that is suddenly and inexplicably sealed off from the rest of the world by an enormous transparent dome. The town’s inhabitants must deal with surviving the post-apocalyptic conditions while searching for answers to what this barrier is, where it came from and if and when it will go away.

“This is a great novel coming to the television screen with outstanding auspices and in-season production values to create a summer programming event,” CBS Entertainment president Nina Tassler said. “We’re excited to transport audiences ‘Under the Dome’ and into the extraordinary world that Stephen King has imagined.”

Showtime, which is owned by CBS, had previously been developing the project.

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Recipes for Health: Asian Chopped Salad With Seasoned Tofu ‘Fingers’ — Recipes for Health

Andrew Scrivani for The New York Times

I like to serve the baked seasoned tofu “fingers” warm on top of the salad. They are delicious cold, too; it is worth making up a separate batch for the refrigerator. If you have an assortment of vegetables leftover from Thanksgiving dinner, throw them in!

For the Tofu:

1/4 cup soy sauce

2 tablespoons mirin (sweet Japanese rice wine)

1 tablespoon rice vinegar

1 tablespoon minced or grated fresh ginger

1/2 teaspoon sugar

1 tablespoon Asian sesame oil

1 pound firm tofu

For the salad:

1 romaine heart, chopped

5 cups mixed chopped or diced vegetables such as:

Green or red cabbage

Celery (from the inner heart)

Red pepper

Radishes, sliced or chopped

1/4 cup dry roasted peanuts, coarsely chopped

1/4 cup chopped cilantro (more to taste)

1 serrano pepper, seeded and minced (optional)

For the dressing:

2 tablespoons fresh lime juice

1/4 cup tofu marinade, above

2 tablespoons canola or peanut oil

1/3 cup low-fat buttermilk or plain nonfat yogurt

1. Marinate the tofu: combine the soy sauce, mirin, rice vinegar, ginger and sugar in a 2-quart bowl. Whisk in the sesame oil and combine well. Drain the tofu and pat dry with paper towels. Slice into 1/3-inch thick slabs and cut the slabs in half lengthwise to get “fingers” approximately 1/3 inch thick by 3/4 inch wide. Blot each finger with paper towels. Add to the bowl with the marinade and gently toss to coat. Cover and refrigerate for 15 minutes to an hour, or for up to a day.

2. Meanwhile, heat the oven to 375 degrees and line a baking sheet with parchment. Lift the tofu out of the marinade and arrange the pieces on the parchment-covered baking sheet. Bake for 7 to 10 minutes, until the edges are just beginning to color and the marinade sets on the surface of the tofu. Remove from the heat.

3. In a large bowl, combine all of the salad ingredients. Whisk together the dressing ingredients and toss with the salad. If desired, transfer to a platter. Garnish with the tofu strips and serve.

Yield: Serves 4

Advance preparation: The chopped vegetables can be prepared up to a day ahead and refrigerated in a well covered container. The tofu marinade will keep for two days in the refrigerator. The baked seasoned tofu will keep for several days in the refrigerator.

Nutritional information per serving: 317 calories; 20 grams fat; 2 grams saturated fat; 8 grams polyunsaturated fat; 9 grams monounsaturated fat; 1 milligram cholesterol; 19 grams carbohydrates; 5 grams dietary fiber; 470 milligrams sodium (does not include salt to taste); 16 grams protein

Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”

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U.S., state to fund battery research at Argonne

The U.S. Department of Energy has chosen Argonne National Laboratory, in suburban Lemont, to become America's capital for battery technology.

The announcement, to be made Friday, will include building a research facility to coordinate the clout and brainpower of five Department of Energy national laboratories, five universities and four private companies that independently have been working to advance battery technology.

Funded with $120 million from the DOE and a $35 million commitment from Gov. Pat Quinn, the Joint Center for Energy Storage Research is expected to develop lighter, cheaper batteries for everything from smartphones to electric vehicles that store more power and charge faster.

Chicago would be the fourth so-called Energy Innovation Hub that the DOE has established since 2010. The concept is modeled after research and development programs that spurred breakthroughs in the past, such as the Manhattan Project, which produced the first atomic bomb.

Other hubs have been devoted to modeling and simulating nuclear reactors, developing fuels from sunlight, and improving energy efficiency in buildings.

Like the space race of the 1960s, the U.S. is battling other nations to be at the forefront of a rapidly growing $42 billion worldwide market for rechargeable batteries that's growing 8.6 percent per year. That number comes from research and consulting firm Frost & Sullivan, which predicts the industry's growth rate and revenues to double by 2018.

A breakthrough in battery technology would have major implications for the auto, wind and solar industries. In particular, the wind and solar industries are looking for affordable batteries to store intermittent power so they can provide power even when the wind isn't blowing or the sun isn't shining.

Batteries that store electricity from the electrical grid are also in demand in countries where outages are frequent or in the case of natural disasters that black out cities for days.

"We're going to be the center of the universe when it comes to charging batteries and storing energy," Quinn told the Tribune in an interview Thursday.

Quinn committed the state to giving $5 million to the project through a capital construction budget he controls designed for job creation and said he will work with legislators to garner an additional $30 million in state funding to help with the building's construction.

The DOE will dole out the $120 million over five years. News of the hub was first reported by Crain's Chicago Business.

A successful battery hub in Illinois, Quinn said, would drive companies in the industry to set up shop nearby and encourage scientists and engineers to stay in the Midwest.

"These people would have the opportunity to change the world. It's transformational," Quinn said.

Earlier this week, Smith Electric Vehicles announced it would make battery-powered trucks in Chicago and hire about 200 workers. Wanxiang, a Chinese automotive company with North American headquarters in Chicago, is vying to purchase bankrupt Massachusetts-based battery-maker A123. As of last week Woodridge-based Palladium Energy became the largest independent battery pack-maker in the Americas and Europe after acquiring competitor MicroSun Technologies LLC.

The Chicago-based Clean Energy Trust, a nonprofit dedicated to accelerating the development of clean-energy businesses in the Midwest, will be responsible for ushering technology from Argonne to the marketplace with the help of Dow Chemical Co., Applied Materials Inc. and Johnson Controls Inc., which all have a financial interest in seeing batteries advance. Johnson, based in Milwaukee, also is vying for the A123 battery assets.

In addition to its own scientists, Argonne would be coordinating the research and development from Lawrence Berkeley, Pacific Northwest, Sandia and SLAC National Accelerator as well as students and researchers at Northwestern University, University of Chicago, University of Illinois at Chicago, University of Illinois at Urbana-Champaign and the University of Michigan.

"I think this is probably the greatest opportunity that we have seen in a long time to bring federal funding that's intended to promote the creation of new companies and jobs," said U.S. Rep. Dan Lipinski, D-Ill.

Tribune reporter Ted Gregory contributed.

jwernau@tribune.com

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Officials: Winning Powerball tickets sold in 2 states

Powerball officials say tickets sold in Arizona and Missouri matched all six numbers to win the record the record $579.9 million jackpot; now the wait for winners has begun.

The numbers drawn Wednesday night are: 5, 16, 22, 23, 29 and Powerball of 6.

A lottery official said late Wednesday that the jackpot increased to $579.9 million by the time of the drawing, making the cash option $379.8 million. The jackpot was boosted to $500 million on Tuesday and raised again Wednesday morning to $550 million.

Powerball officials said they believed there was a 75 percent chance that the winning combination of numbers would be drawn Wednesday night.

But many of the customers who lined up at a 7-Eleven store at Wacker and Wabash believed they had a 100 percent chance of winning.

"I've got it," Marvin Harvey, 48, told the store clerk. "This is it."

And Harvey has plans. First off, having a private jet fly him and about 40 others to the SoHo neighborhood in New York City to eat and shop.

"Then take it to Paris and then go on a Mediterranean cruise," he said. "Then come back and share it with the world."

He would also give about 10 percent to churches and maybe start an organization to help the homeless. "You have so much money you have to share it," he said.

Martin Ho, 34, said he has given more thought about how to better his chances at winning the jackpot than he has about what he would do with the money.

"My goal is to have 100 different numbers between all the pools," he said. "I think I'm at (about) 90 numbers."

Ho popped into the 7-Eleven store this morning with colleague Whitney McKedy to purchase about 10 tickets jointly.

Ho said he is part of a handful of pools, including one with 50 numbers split between 10 people. He has also bought some tickets for himself.

As for what he would do with the money? "Change my name, hire a lawyer," he joked.  "I don't really think about it. It's more about the energy."

Zafer Aksit, 63, was a long way from home when he threw in $10 for lottery tickets. The radiologist flew into the city last week from Instanbul, Turkey for a medical conference. While he was in his hotel room in the Loop, he saw on the news that the jackpot had gotten up to $500 million and thought it was worth a shot.

"I thought, 'Why not?' "

Aksit insisted he wouldn't spend the money on lavish gifts on himself. "I wouldn't go on a shopping spree," he said.

He thinks the money would be better spent as investments in local businesses and non-profits, like a breast cancer clinic.

Powerball has not had a winner for two months.  Powerball is sold in Illinois and 41 other states, as well as Washington, D.C. and the U.S. Virgin Islands.

The chance of winning the Powerball jackpot are about one in 175 million, compared to about one in 280,000 for being struck by lightning.

Despite the long odds, the record payout has drawn interest from around the world, said Mary Neubauer, a spokeswoman for the Iowa Lottery, where Powerball is based. Lottery officials have received calls and emails from people outside the United States asking if they can buy a ticket from afar. They cannot.

"Sales across the country are just through the roof. It means lots of people are having fun with this, but it makes it difficult to keep up with the (jackpot) estimate."

The previous top Powerball prize of $365 million was won in 2006 by ConAgra slaughterhouse workers in Nebraska.

A $656 million Mega Millions jackpot set a world lottery record in March. That prize was split three ways. One of the winning tickets was held by Merle and Patricia Butler of Red Bud in southern Illinois. The retired couple took home nearly $119 million.

Tribune reporter Naomi Nix, the Associated Press and Reuters contributed

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Facebook exec says company is reducing spam despite clogging your feed with brands you don’t like

Recent changes to Facebook’s (FB) Edgerank, the algorithm that’s responsible for displaying items on a user’s Newsfeed, have angered privacy groups who say the new policy will actually produce more spam than reducing it. According to Forbes’ Jeff Bercovici, Facebook’s VP of global marketing solutions Carol Everson said on Tuesday that the social network is reducing spam by using “Suggests Posts” – “non-connected page posts” that show a brand’s ads even if a user and their friends don’t “like” or support them. Bercovici argues that Facebook’s new approach to targeting brands at users contradicts its claims of reducing spam by doling out spam that users don’t connect with. 

As expected, Everson’s response to clogging the Newsfeed with brand ads that users don’t support was: “You may not be a fan of a brand, but maybe everyone in your network is talking about it, so we think you might be interested in it,” and she said there are “literally more than a thousand signals” that go into displaying “relevant” brand ads.

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‘The Inbetweeners’ Canceled by MTV

LOS ANGELES (TheWrap.com) – “The Inbetweeners” now falls solidly in the “canceled” camp.

MTV has decided not to go forward with a second season of the scripted series, which premiered in August and was an adaptation of a British sitcom of the same name.

“While we won’t be moving forward with another season of ‘The Inbetweeners,’ we enjoyed working with the show’s creators and such a talented, funny cast,” an MTV spokesperson told TheWrap in a statement.

The series starred Joey Pollari, Bubba Lewis, Zack Pearlman, Mark L. Young and Alex Frnka as a group of “inbetweeners” – that is, kids who fall somewhere between nerds and jocks on the spectrum of teenage cliques.

The “Inbetweeners” cancelation follows the dropping of the MTV scripted effort “I Just Want My Pants Back” in May after one season.

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Cost of Brand-Name Prescription Medicines Soaring

The price of brand-name prescription medicines is rising far faster than the inflation rate, while the price of generic drugs has plummeted, creating the largest gap so far between the two, according to a report published Wednesday by the pharmacy benefits manager Express Scripts.

The report tracked an index of commonly used drugs and found that the price of brand-name medicines increased more than 13 percent from September 2011 to this September, which it said was more than six times the overall price inflation of consumer goods. Generic drug prices dipped by nearly 22 percent.

The drop in the price of generics “represents low-hanging fruit for the country to save money on health care,” said Dr. Steve Miller, the chief medical officer of Express Scripts, which manages the drug benefits for employers and insurers and also runs a mail-order pharmacy.

The report was based on a random sample of six million Express Scripts members with prescription drug coverage.

The Pharmaceutical Research and Manufacturers of America, the trade group representing brand-name manufacturers, criticized the report, saying it was skewed by a handful of high-priced specialty drugs that are used by a small number of patients and overlooked the crucial role of major drug makers.

“Without the development of new medicines by innovator companies, there would be neither the new treatments essential to progress against diseases nor generic copies,” Josephine Martin, executive vice president of the group, said in a statement.

The report cited the growth of specialty drugs, which treat diseases like cancer and multiple sclerosis, as a major reason for the increase in spending on branded drugs. Spending on specialty medicines increased nearly 23 percent during the first three quarters of 2012, compared with the same period in 2011. All but one of the new medicines approved in the third quarter of this year were specialty drugs, the report found, and many of them were approved to treat advanced cancers only when other drugs had failed.

Stephen W. Schondelmeyer, a professor of pharmaceutical economics at the University of Minnesota, said the potential benefits of many new drugs did not always match the lofty price tags. “Increasingly it’s going to be difficult for drug-benefit programs to make decisions about coverage and payment and which drugs to include,” said Mr. Schondelmeyer, who conducts a similar price report for AARP. He also helps manage the drug benefit program for the University of Minnesota.

“We’re going to be faced with the issue that any drug at any price will not be sustainable.”

Spending on traditional medicines — which treat common ailments like high cholesterol and blood pressure — actually declined by 0.6 percent during the period, the report found. That decline was mainly because of the patent expiration of several blockbuster drugs, like Lipitor and Plavix, which opened the market for generic competitors. But even as the entry of generic alternatives pushed down spending, drug companies continued to raise prices on their branded products, in part to squeeze as much revenue as possible out of an ever-shrinking portfolio, Dr. Miller said.

Drug makers are also being pushed by from companies like Express Scripts and health insurers, which are increasingly looking for ways to cut costs, said C. Anthony Butler, a pharmaceuticals analyst at Barclays. “I think they’re pricing where they can but what they keep telling me is they’re under significant pressure” to keep prices low, he said.

Express Scripts earns higher profits from greater use of generic medicines than brand name drugs sold through their mail-order pharmacy, Mr. Butler said. “There’s no question that they would love for everybody to be on a generic,” he said.

Dr. Miller acknowledged that was true but said that ultimately, everyone wins. “When we save people money, that’s when we make money,” he said. “We don’t shy away from that.”

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Groupon CEO Mason offers to step down

Groupon Inc Chief Executive Andrew Mason, under fire for a plunging share price and tapering growth, declared on Wednesday he would fire himself if he ever thought he was the wrong man for the job.

Mason, whose performance at the helm will come under scrutiny from his board of directors during a regular board meeting Thursday, said it would be "weird" if they did not. But he said he believed the board was comfortable with his strategy.

Shares in the company, once touted as innovating local business advertising t hrough the marketing of Internet discounts on everything from spa treatments to dining, surged 8 percent to $4.25 i n the afternoon.

"It would be more noteworthy if the board wasn't discussing whether I'm the right guy for the job," Mason said in an interview from a Business Insider conference in New York. "If I ever thought I wasn't the right guy for the job, I'd be the first person to fire myself."

"As the founder and creator of Groupon, as a large shareholder ... I care far more about the success of the business than I do about my role as CEO," he said.

Groupon has shed four-fifths of its value since its public trading debut as an investor favorite during last year's consumer dotcom IPO boom, and Mason himself has presided over a string of high-profile executive departures.

Wall Street has grown uneasy about the viability of its business as fever for daily deals has cooled among consumers and merchants, hurting its growth rate.

In the interview broadcast from the conference, the outspoken and sometimes-zany co-founder argued his company was going through a period of volatility but believed it was on the right path. Groupon's efforts to reduce its reliance on plain vanilla deals include bumping up its "Goods" retail business, increasing the selection of "persistent" or long-running deals, and allowing users to search for such deals on demand.

Shares in Groupon spiked after the interview and were up 8 p ercent at $4.2 6, still way below its $20 market debut price.

Groupon and rivals in the daily deals business, like Amazon.com-backed LivingSocial, were supposed to change the very nature of small-business advertising. Instead, they were forced to revamp their business models as evidence mounts that their strategy was flawed.

This month, Groupon reported another quarter of disappointing earnings, and its stock went as low as $2.60 on Nov. 12.

Europe has been a particular problem for Groupon, partly because the sovereign debt crisis has sapped demand for higher-priced deals. Groupon was also offering steeper discounts, turning off some European merchants.

International revenue, which includes Europe, grew just 3 percent to $277 million in the third quarter, while North American revenue surged 80 percent to $292 million.

Adding to its difficulties, the U.S. Securities and Exchange Commission is looking into Groupon's accounting and disclosures, areas that raised questions among some analysts during its IPO.

But Mason shrugged off speculation that the company might run into a cash crunch and go bankrupt. The company has said it had $1.2 billion in cash and equivalents with no long-term debt.

"There was a period when those stories started that I'd go to my CFO and say: 'How would that happen, walk me through what would be required for us to actually go bankrupt'," Mason said. "And it's like an end of days, apocalyptic scenario. The business would have to go into severe negative growth for something like this. The scenario is so absurd there's no evidence for it."

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