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03-06-2014, 06:46 PM #1
Cerberus to buy Safeway for $9 BILLION
Cerberus to buy Safeway for $9 billion
Gabrielle Kratsas and Gary Strauss, USA TODAY5:31 p.m. EST March 6, 2014
(Photo: Paul Sakuma, AP file)
Safeway, the nation's No. 2 grocery chain, is being acquired by private equity firm Cerberus Capital Management in a deal valued at about $9 billion.
Safeway, the nation's No. 2 supermarket chain, will be acquired for $9 billion by an investor group led by private equity firm Cerberus Capital Management.
The deal, announced Thursday, will merge Safeway with grocer Albertsons. The Idaho-based grocer, the fifth-largest grocer, is controlled by Cerberus, which acquired about 900 Albertsons, Acme, Jewel-Osco and other stores from Supervalu for $3.3 billion.
The deal is the latest in a series of acquisitions and buyouts that is shaping the supermarket industry. Cerberus tried to buy the 200 store Harris Teeter chain, but didn't match a $2.5 billion bid by Kroger.
Safeway shares, which have been rising on a potential buyout bid, closed up 2 cents to $39.50 a share Thursday. That's close to Cerberus bid, worth about $40 a share. Safeway shareholders will receive $32.50 a share in cash, plus the rights worth another $3.65 a share from asset sales. They will also receive shares in spinoff Blackhawk Network Holdings, a gift card company, worth $3.95 a share.
Safeway shares are up 17% since Feb. 18, when the company said it was exploring a sale with an unnamed suitor. Kroger had expressed interest in acquiring some of Safeway's 1,335 stores. Kroger reported fourth-quarter earnings earlier Thursday. In a conference call with stock analysts, management did not address specific acquisition plans.
http://www.usatoday.com/story/money/...llion/6133569/
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03-06-2014, 07:42 PM #2NO AMNESTY
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03-06-2014, 11:24 PM #3
- Vons - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Vons
Wikipedia
Vons is a Southern California supermarket chain and a division of Safeway, Inc. It is headquartered in Arcadia, California, and operates stores under the Vons ... - .
- Safeway Inc. - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Safeway_Inc.
Wikipedia
Early acquisitions included significant parts of Piggly Wiggly chain as part of the .... 1988, Safeway exercised its option to acquire full control of Vons in Southern ...
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- Vons - Wikipedia, the free encyclopedia
Laura Loomer - Woke up this morning to a @nytimes article...
03-27-2024, 11:36 PM in General Discussion