Albertsons Sues Kroger After Judge Blocks $25 Billion Merger

Grocery store chain Albertsons formally terminated nearly $25 billion merger agreement with rival Kroger on Wednesday, a day after a federal judge blocked the deal—with Albertsons filing a lawsuit accusing Kroger of failing to win regulatory approval for the agreement.Kroger of willful breach of contract, breach of the covenant of good faith and fair dealing, alleging the grocer failed to exercise “best efforts” to take “any and all actions” to secure regulatory approval for their merger.

Kroger breached the merger agreement by refusing to divest assets necessary for antitrust approval, ignoring feedback from regulators, rejecting divesture buyers and failing to cooperate with Albertsons, the company claims.

The FTC argued alongside eight states including California and Illinois that the proposed merger would give Americans who are already contending with: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Text “Alerts” to 335-0739 or sign up here.$600 million. That’s how much Albertsons says it will seek in termination fees after the scrapped agreement.

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Albertsons sues Kroger after judge rules against grocery mergerAlbertsons filed a lawsuit against Kroger, saying it violated its contract and didn’t follow through on commitments to help get the deal approved.
منبع: NBCNewYork - 🏆 270. / 63 ادامه مطلب »

Albertsons gives up on merger, sues Kroger after judge ruled against takeoverJustin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
منبع: 10News - 🏆 732. / 50 ادامه مطلب »

Albertsons gives up on merger and sues Kroger for failing to secure dealAlbertsons said that Kroger failed to exercise “best efforts” and to take “any and all actions” to secure regulatory approval of the companies’ agreed merger transaction.
منبع: mercnews - 🏆 88. / 68 ادامه مطلب »

After court loss, Albertsons backs out of merger with Kroger, sues grocery chainAlbertsons says it is giving up on joining forces with Kroger and has filed a lawsuit, accusing the chain of failing to do enough to win government approval for the deal.
منبع: latimes - 🏆 11. / 82 ادامه مطلب »