Grant Preston:Albertsons gives up on Kroger merger and sues the grocery chain for failing to secure deal

2025-05-03 03:22:44source:Johnathan Walkercategory:Invest

Albertsons is Grant Prestongiving up on its merger with Kroger a day after it was rejected in two courts and it is suing the grocery chain, saying it didn’t do enough to secure regulatory approval for the $24.6 billion agreement.

U.S. District Court Judge Adrienne Nelson issued a preliminary injunction blocking the merger Tuesday after holding a three-week hearingin Portland, Oregon. Then Judge Marshall Ferguson in Seattle issued a permanent injunction barring the merger in Washington after concluding it would lessen competition in the state and violate Washington’s consumer-protection laws.

On Wednesday Albertsons said that Kroger failed to exercise “best efforts” and to take “any and all actions” to secure regulatory approval of the companies’ agreed merger transaction.

Shares of Albertsons rose more than 2% before the market open, while Kroger’s stock declined slightly.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.

More:Invest

Recommend

Newly elected West Virginia lawmaker arrested and accused of making terroristic threats

CHARLESTON, W.Va. (AP) — A newly elected state lawmaker in West Virginia is facing at least one felo

3 dead after a shooting at a party at a Denver industrial storefront

DENVER (AP) — Three people are dead after a shooting early Saturday at a party in Denver, police sai

Louvre Museum and Versailles Palace evacuated after bomb threats with France on alert

PARIS (AP) — The Louvre Museum in Paris and Versailles Palace evacuated visitors and staff Saturday