Kroger-Harris Teeter Merger Closing Nears
Federal Trade Commission action today has expedited the closing of the merger deal between The Kroger Co. and Harris Teeter Supermarkets Inc.
The FTC has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act in the pending merger between Kroger and Harris Teeter, which announced their intent to merge last July. Harris Teeter shareholders approved the deal in October.
Merger Expected to Close This Month
The early end to the waiting period satisfies one of the conditions to the closing of the pending merger, which remains subject to other customary closing conditions. Both companies expect the transaction to be completed before the end of January. At the closing of the merger, Harris Teeter shareholders will receive $49.38 in cash for each share of Harris Teeter common stock they own.
Matthews, N.C.-based Harris Teeter employs 26,000 associates at stores in North Carolina, South Carolina, Virginia, Georgia, Tennessee, Maryland, Delaware, Florida and the District of Columbia.
Cincinnati-based Kroger employs 343,000 associates who serve customers in 2,414 supermarkets and multidepartment stores in 31 states under two dozen local banner names including Kroger, City Market, Dillons, Jay C, Food 4 Less, Fred Meyer, Fry's, King Soopers, QFC, Ralphs and Smith's.