Harris Teeter Shareholders OK Kroger Acquisition
Harris Teeter’s shareholders voted overwhelmingly to approve the previously announced agreement and plan of merger, dated July 8, 2013, among Harris Teeter, Hornet Acquisition, Inc., and The Kroger Co.
Approximately 98.6 percent of the votes cast at today’s special meeting voted in favor of the deal, representing approximately 82.5 percent of Harris Teeter’s outstanding common stock as of the August 22, 2013, record date.
Under the terms of the agreement, Harris Teeter shareholders will receive $49.38 per share in cash for each share of Harris Teeter common stock that they own. Upon closing of the transaction, Harris Teeter's common stock will no longer be publicly traded as a wholly-owned subsidiary of Kroger.
The transaction remains subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and is expected to close in the fourth quarter.