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Business BUSINESS IN BRIEF 7-Eleven agrees to acquire convenience store chain THE REGION In its largest takeover in two decades, 7-Eleven Inc. said it bought the White Hen Pantry convenience store chain. White Hen has 55 stores in the Boston area and 206 in the Chicago area and Northwest Indiana. The purchase gives 7-Eleven more than 7,100 stores in North America. Terms of the deal were not disclosed last night. (Jenn Abelson) Commissioner rejects proposal on rate-setting Massachusetts Insurance Commissioner Julianne M. Bowler said she will continue to set all auto insurance rates for 2007, rejecting appeals from Liberty Mutual Insurance Co. of Boston and several industry groups to introduce competitive rate-setting. ``Present conditions are such that competition, if implemented in 2007, would be insufficient to assure that rates will not be excessive," she said. Automobile insurance companies are expected to ask Bowler today to cut their rates by 3.7 percent next year. (Bruce Mohl) Massachusetts Insurance Commissioner Julianne M. Bowler said she will continue to set all auto insurance rates for 2007, rejecting appeals from Liberty Mutual Insurance Co. of Boston and several industry groups to introduce competitive rate-setting. ``Present conditions are such that competition, if implemented in 2007, would be insufficient to assure that rates will not be excessive," she said. Automobile insurance companies are expected to ask Bowler today to cut their rates by 3.7 percent next year. (Bruce Mohl) Financial services firm pays to name art institute lobby is paying $3 million for the naming rights to the lobby of the Institute of Contemporary Art's new location. The museum, currently on Boylston Street, is building a facility on the South Boston Waterfront that is scheduled to open this fall, and is trying to raise $62 million to cover the costs. State Street's donation is the largest so far to that fund. (Keith Reed) State Street Corp. is paying $3 million for the naming rights to the lobby of the Institute of Contemporary Art's new location. The museum, currently on Boylston Street, is building a facility on the South Boston Waterfront that is scheduled to open this fall, and is trying to raise $62 million to cover the costs. State Street's donation is the largest so far to that fund. (Keith Reed) Double-Take Software plans to raise $86m in IPO Double-Take Software Inc. filed with the Securities and Exchange Commission to raise up to $86.3 million in an initial public offering. Cowen and Co. and Thomas Weisel Partners LLC are leading the deal's underwriting. The Southborough company has applied to have its shares traded on the Nasdaq under the ticker symbol ``DBTK." (Dow Jones) Double-Take Software Inc. filed with the Securities and Exchange Commission to raise up to $86.3 million in an initial public offering. Cowen and Co. and Thomas Weisel Partners LLC are leading the deal's underwriting. The Southborough company has applied to have its shares traded on the Nasdaq under the ticker symbol ``DBTK." (Dow Jones) Boston Beer sets sights on 50 acres in Freetown , whose brands include Samuel Adams, has agreed to purchase roughly 50 acres of undeveloped land in Freetown to build a brewery, a company spokeswoman said. The sale price was not disclosed, but she said the company hopes to build a $120 million to $160 million facility, which would have the capacity to brew about 1 million barrels of beer annually. Boston Beer currently brews most of its beer in Boston and Cincinnati. The hope is that the new brewery would begin operating in 2008, the spokeswoman said. (Chris Reidy) Boston Beer Co. , whose brands include Samuel Adams, has agreed to purchase roughly 50 acres of undeveloped land in Freetown to build a brewery, a company spokeswoman said. The sale price was not disclosed, but she said the company hopes to build a $120 million to $160 million facility, which would have the capacity to brew about 1 million barrels of beer annually. Boston Beer currently brews most of its beer in Boston and Cincinnati. The hope is that the new brewery would begin operating in 2008, the spokeswoman said. (Chris Reidy) Convention center OK'd to host one-day events Under a bill Governor Mitt Romney signed, the Boston Convention & Exhibition Center will be able to host ``gate shows" that bring attendees for day visits rather than the multiday conventions the facility has previously drawn. The bill met with fierce opposition from the Bayside Expo and Conference Center in Dorchester, which complained the law will cut its share of the ``gate show" market, where merchants display wares and customers pay admission prices. Concerns about increased traffic in South Boston are addressed in the legislation by mandated payments to a neighborhood foundation, some coming from ticket proceeds and others on a per-square-foot basis from each show. (State House News Service) Under a bill Governor Mitt Romney signed, the Boston Convention & Exhibition Center will be able to host ``gate shows" that bring attendees for day visits rather than the multiday conventions the facility has previously drawn. The bill met with fierce opposition from the Bayside Expo and Conference Center in Dorchester, which complained the law will cut its share of the ``gate show" market, where merchants display wares and customers pay admission prices. Concerns about increased traffic in South Boston are addressed in the legislation by mandated payments to a neighborhood foundation, some coming from ticket proceeds and others on a per-square-foot basis from each show. (State House News Service) THE NATION Budget deficit so far this year is 20.8% less than '05 The federal deficit through June is running below last year's pace, helped by strong growth in revenue, the Treasury Department reported. Through the first 10 months of this budget year, the deficit totaled $239.7 billion, an improvement of 20.8 percent from the same period a year ago, when it was $302.8 billion. The deficit in July totaled $33.2 billion, down sharply from an imbalance of $53.4 billion in July 2005. The narrowing reflects a surge in government revenues from higher corporate and individual tax receipts. The administration is now forecasting that the deficit for the 2006 budget year, which ends Sept. 30, will total $296 billion, a marked improvement from the $423 billion deficit the administration was forecasting in February. The Congressional Budget Office is even more optimistic, forecasting the deficit for this year will fall to $260 billion. The 2005 budget deficit was $319 billion and the 2004 deficit was a record $413 billion. (AP) The federal deficit through June is running below last year's pace, helped by strong growth in revenue, the Treasury Department reported. Through the first 10 months of this budget year, the deficit totaled $239.7 billion, an improvement of 20.8 percent from the same period a year ago, when it was $302.8 billion. The deficit in July totaled $33.2 billion, down sharply from an imbalance of $53.4 billion in July 2005. The narrowing reflects a surge in government revenues from higher corporate and individual tax receipts. The administration is now forecasting that the deficit for the 2006 budget year, which ends Sept. 30, will total $296 billion, a marked improvement from the $423 billion deficit the administration was forecasting in February. The Congressional Budget Office is even more optimistic, forecasting the deficit for this year will fall to $260 billion. The 2005 budget deficit was $319 billion and the 2004 deficit was a record $413 billion. (AP) NEED MORE? Get local business news updates from The Boston Globe on the Business Ticker, at boston.com/business/ticker. And for big picture business stories, go to the Business Filter, updated every weekday at boston.com/business/blog/filter. © Copyright 2006 Globe Newspaper Company.
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7-Eleven

WHP Holdings Corp., the parent company of White Hen Pantry, has been acquired by Tokyo based Seven & I Holdings Co. for $35 million from New York investment firm, Angelo, Gordon & Co. White Hen has previously declared bankruptcy. Seven & I is the owner and operator of the 7-Eleven convenience store chain. This is the largest buyout for the 7-Eleven brand in two decades and signals a continuance of the expansion Seven & I has pursued in recent years. 

"This acquisition is a strategic fit for 7-Eleven and enhances market presence in the Chicagoland area," said 7-Eleven Inc. President and Chief Executive Joseph DePinto. The addition of White Hen stores will allow the company to increase their presence in greater Boston (55 stores) and metropolitan Chicago (206 stores) bringing their North American store count to over 7,100.