Antitrust Law Daily Wrap Up, ANTITRUST NEWS: Early termination of HSR waiting period granted for Kroger-Harris Teeter merger, (Jan 21, 2014)
Organizations Mentioned:Kroger
The FTC granted early termination of the waiting period under the Hart-Scott-Rodino Act for the proposed merger of grocery retailers Kroger and Harris Teeter, according to a January 17 announcement by the merging parties. The companies expect the transaction to close by the end of January.
On July 9, 2013, Kroger and Harris Teeter announced a definitive merger agreement, which was approved by the Boards of Directors of both companies. Harris Teeter shareholders overwhelmingly approved the merger agreement on October 3, 2013. Upon completion of the merger, Harris Teeter shareholders will receive $49.38 in cash for every share of Harris Teeter common stock they own.
Kroger is one of the world’s largest retailers, employing 343,000 associates in 2,414 supermarkets and multi-department stores in 31 states, operating under local banner names such as Kroger, City Market, Dillons, Jay C, Food 4 Less, Fred Meyer, Fry’s, King Soopers, QFC, Ralphs, and Smith’s. The company also operates 786 convenience stores, 327 fine jewelry stores, 1,218 supermarket fuel centers, and 37 food processing plants in the U.S.
Regional grocery chain Harris Teeter employs approximately 26,000 associates and operates stores in North Carolina, South Carolina, Virginia, Georgia, Tennessee, Maryland, Delaware, Florida, and the District of Columbia. Headquarted in Matthews, N.C., the company reported fiscal 2013 sales of $4.71 billion.
News: Antitrust FederalTradeCommissionNews