A Portland, Oregon federal judge temporarily halted the proposed supermarket merger of Kroger and Albertsons.
, saying it didn't do enough to secure regulatory approval for the $24.6 billion agreement. U.S. District Court Judge Adrienne Nelson issued a preliminary injunction blocking the merger Tuesday after holding a three-week hearing in Portland, Oregon. Then Judge Marshall Ferguson in Seattle issued a permanent injunction barring the merger in Washington after concluding it would lessen competition in the state and violate Washington's consumer-protection laws.
On Wednesday Albertsons 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. Shares of Albertsons rose more than 2% before the market open, while Kroger's stock declined slightly.
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Albertsons gives up on Kroger merger and sues the grocery chain for failing to secure dealAlbertsons said that Kroger failed to exercise “best efforts”
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