Business Briefs: 5/29/14

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Otis Spunkmeyer closing Western Pennsylvania plant

Otis Spunkmeyer has shut down a Western Pennsylvania production plant, idling 130 workers. Company spokeswoman Kathy Lenkov said work that had been done in the Export plant will move to four other U.S. bakeries controlled by parent company Aryzta AG. Otis Spunkmeyer makes cookies, muffins and other baked goods.

Vintage Grand Prix picks philanthropy as sponsor

The Greater Pitts­burgh Au­to­mo­bile Deal­ers Foundation is the new pre­sent­ing spon­sor of the Pitts­burgh Vin­tage Grand Prix. The foun­da­tion is the in­de­pen­dent phil­an­thropic arm of the Greater Pitts­burgh Au­to­mo­bile Deal­ers Association. Pitts­burgh Vin­tage Grand Prix events run from July 11 to 20.

Proxy advisory firm seeks ouster of most of Target’s board

Institutional Shareholder Services, a prominent proxy advisory firm, on Wednesday recommended that Target shareholders vote out seven of its 10 board members after a massive pre-Christmas data breach. ISS targeted those members who serve on the company’s audit and corporate responsibility committee.

Valeant raises cash-stock offer for Allergan

Valeant Pharmaceuticals has pumped more cash into its bid for Botox maker Allergan on Wednesday, a day after its reluctant acquisition target aired more concerns about a deal. The Canadian drugmaker said it will now offer $58.30 and a portion of its stock for each Allergan share. The revised bid could be worth more than $50 billion.

From staff and wire reports

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