A&P, Pathmark Say Merger Won't Happen Before Sept. 25.
MONTVALE, N.J. -- The Great Atlantic & Pacific Tea Co., Inc. here and Carteret, N.J.-based Pathmark Stores, Inc. said they entered into an agreement this week with the Federal Trade Commission stipulating that A&P wouldn't complete its acquisition of Pathmark before 11:59 p.m. on Sept. 25.
As previously reported, both Tengelmann, A&P's majority shareholder, and Pathmark received Second Requests from the FTC in April, and thereafter entered into a timing agreement with the FTC.
The Second Requests effectively extended the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, during which A&P and Pathmark may not complete the proposed acquisition.
According to the timing agreement, A&P and Pathmark said that they wouldn't complete A&P's acquisition of Pathmark for a minimum of 60 days after the date of substantial compliance with the Second Requests. A&P and Pathmark both submitted certificates of substantial compliance to the FTC on July 13.
A&P operates 337 stores in eight states and the District of Columbia under the A&P, Waldbaum's, The Food Emporium, Super Foodmart, Super Fresh, Sav-A-Center and Food Basics banners. Pathmark operates 141 supermarkets in the New York, New Jersey and Philadelphia metropolitan areas.
As previously reported, both Tengelmann, A&P's majority shareholder, and Pathmark received Second Requests from the FTC in April, and thereafter entered into a timing agreement with the FTC.
The Second Requests effectively extended the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, during which A&P and Pathmark may not complete the proposed acquisition.
According to the timing agreement, A&P and Pathmark said that they wouldn't complete A&P's acquisition of Pathmark for a minimum of 60 days after the date of substantial compliance with the Second Requests. A&P and Pathmark both submitted certificates of substantial compliance to the FTC on July 13.
A&P operates 337 stores in eight states and the District of Columbia under the A&P, Waldbaum's, The Food Emporium, Super Foodmart, Super Fresh, Sav-A-Center and Food Basics banners. Pathmark operates 141 supermarkets in the New York, New Jersey and Philadelphia metropolitan areas.