CINCINNATI and MATTHEWS, N.C., Jan.
17, 2014 /PRNewswire/ -- The Kroger Co. (NYSE: KR)
("Kroger") and Harris Teeter Supermarkets, Inc. (NYSE: HTSI)
("Harris Teeter") announced that the
Federal Trade Commission today granted early termination of the
waiting period under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976 ("HSR") with respect to the pending merger transaction
between the two companies.
The early termination of the HSR 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.
On July 9, 2013, Kroger and Harris Teeter announced a definitive
merger agreement, which was approved by the Boards of Directors of
both companies. On October 3, 2013,
Harris Teeter shareholders
overwhelmingly approved of the merger agreement. 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.
About Kroger
Kroger, one of the world's largest
retailers, employs 343,000 associates who serve customers in 2,414
supermarkets and multi-department 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. The company also
operates 786 convenience stores, 327 fine jewelry stores, 1,218
supermarket fuel centers and 37 food processing plants in the U.S.
Recognized by Forbes as the most generous company in America,
Kroger supports hunger relief, breast cancer awareness, the
military and their families, and more than 30,000 schools and
grassroots organizations. Kroger contributes food and funds equal
to 200 million meals a year through more than 80 Feeding America
food bank partners. A leader in supplier diversity, Kroger is a
proud member of the Billion Dollar Roundtable and the U.S.
Hispanic Chamber's Million Dollar Club.
About Harris Teeter
Harris Teeter, with headquarters in
Matthews, N.C., reported fiscal
2013 sales of $4.71 billion. The
regional grocery chain employs approximately 26,000 associates and
operates stores in North Carolina,
South Carolina, Virginia, Georgia, Tennessee, Maryland, Delaware, Florida and the District of Columbia.
Forward-Looking Statements
This news release
includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including those
related to the expected timing for closing of the merger. These
forward-looking statements are based on Harris Teeter's and Kroger's current objectives,
beliefs and expectations, and they are subject to significant risks
and uncertainties that may cause actual results and timing of
certain events to differ materially from the information in the
forward-looking statements. The following factors, among others,
could cause actual results to differ from such statements: the
occurrence of any event, change or other circumstances that could
give rise to the termination of the proposed merger agreement; the
risk that a closing condition to the proposed merger may not be
satisfied; and other economic, business, competitive, and
regulatory factors affecting the businesses of Harris Teeter and Kroger generally, including
those set forth in the filings of Harris
Teeter and Kroger with the Securities and Exchange
Commission ("SEC"). Any forward-looking statements speak only as of
the date hereof or as of the dates indicated in the statements.
Harris Teeter and Kroger assume no
obligation to publicly update or supplement any forward-looking
statement to reflect changes in assumptions or changes in other
factors affecting these forward-looking statements, except as
required by law.
SOURCE The Kroger Co.