State Attorneys General, Including Illinois’, Sue to Block Albertsons’ $4B Payout Ahead of Grocery Chain Merger

The lawsuit is the second this week seeking to delay the dividend payment. The state of Washington’s Attorney General Bob Ferguson filed a similar lawsuit in state court Tuesday.Kroger announced its plan to buy Albertsons for $20 billion last month. The deal is expected to close in early 2024 if it’s approved by the Federal Trade Commission and the Department of Justice and survives any court challenges.

The Democratic attorneys general of California, Washington, Illinois and the District of Columbia, as well as the Republican attorneys general of Arizona and Idaho, sent a letter to Albertsons last week asking the company to delay the payment. “Albertsons’ rush to secure a record-setting payday for its investors threatens District residents’ jobs and access to affordable food and groceries in neighborhoods where no alternatives exist,” D.C. Attorney General Karl Racine said in a statement.

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Kroger-Albertsons Merger Draws Questions from Politicians, WorkersA combination of the two biggest supermarket operators in the U.S. is prompting elected officials to question how the deal could affect jobs, prices and competition. ORDOJ this merger would be especially bad for Oregon residents $KR If unions and elected officials are pushing back on this deal, it must be a good thing.
Source: WSJ - 🏆 98. / 63 Read more »

AG Ferguson seeks to block Albertsons’ payout to shareholders ahead of mergerFerguson says the payout would hinder Albertsons’ ability to compete in the market. This could hurt shoppers, as less competition means less incentive to put forth competitive prices. Oddly enough, no one cares what Sideshow Bob frets about, since he has no say. agowa Crooked Bob worried about his Amazon Kickbacks. What about our $30.00 license tabs ? Crook AGOWA
Source: KIRO7Seattle - 🏆 271. / 63 Read more »