MERGERS AND ACQUISTIONS

Tonka Bay Equity Partners, Minnetonka, has completed the sale of a majority stake of its portfolio company, All Flex, a specialty manufacturer of flexible circuits based in Northfield, Minn. Tonka Bay's minority co-investor, Granite Equity Partners, acquired All Flex in December. As part of the transaction, Tonka Bay retained securities and will remain on the board of directors.

Medtronic Inc., Fridley, said Thursday that it has completed the $800 million acquisition of Mountain View, Calif.-based Ardian Inc., a privately held firm that is developing a catheter-based therapy to treat high blood pressure and related conditions. Under terms of the agreement, reached Nov. 22, the deal also will include additional cash payments equal to annual revenue growth through the end of Medtronic's fiscal year 2015. Medtronic had previously invested in Ardian, holding an 11.3 percent ownership stake.

DEBT AND EQUITIES

Target Corp., Minneapolis, has declared a quarterly dividend of 25 cents per common share, payable March 10 to shareholders of record Feb. 16.

Personnel

Target Corp. announced that Troy Risch, executive vice president - stores, has been terminated effective Jan. 15. Risch is entitled to Target's standard officer severance arrangement; in addition he is entitled to receive up to an additional $1 million if he complies with certain post-termination noncompete provisions.