Albertsons Gives Up on $25B Merger, Sues Kroger Seeking 'Billions of Dollars'
"Rather than fulfill its contractual obligations to ensure that the merger succeeded, Kroger acted in its own financial self-interest, repeatedly providing insufficient divestiture proposals that ignored regulators’ concerns," Albertsons General Counsel Tom Moriarty said. Kroger called the allegations baseless.
December 11, 2024 at 12:10 PM
2 minute read
Albertsons called off its $25 billion sale to Kroger on Wednesday, a day after a federal judge in Oregon issued a temporary injunction that assured the deal—announced in October 2022—would face substantial additional delays and probably wouldn't clear antitrust hurdles.
“We have made the difficult decision to terminate the merger agreement. We are deeply disappointed,” Albertsons CEO Vivek Sankaran said in a news release.
In a separate news release Wednesday, Albertsons announced that it sued Kroger in the Delaware Court of Chancery, alleging that the grocery chain willfully breached the merger agreement by failing to exercise its “best efforts” to complete the deal.
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