Kroger to buy Harris Teeter for about $2.44B - FOX 35 News Orlando

Kroger to buy Harris Teeter for about $2.44B

Posted: Updated:

CINCINNATI (AP) -- Kroger says it has agreed to buy Harris Teeter Supermarkets Inc. for about $2.44 billion in cash.
 
Kroger will pay $49.38 for each of its rival supermarket chain's shares. The price represents a 2 percent increase over the company's Monday closing stock price. The deal has been approved by both companies' boards.
 
Matthews, N.C.-based Harris Teeter operates 212 stores in southeastern and mid-Atlantic markets, along with a pair of distribution centers and a dairy facility. Its fiscal 2012 revenue totaled about $4.5 billion.
 
Cincinnati-based Kroger Co. says it expects the deal to result in cost savings of $40 million to $50 million over the next three to four years.
 
Kroger will finance the deal with debt and plans to assume Harris Teeter's outstanding debt of about $100 million.

AP-WF-07-09-13 1148GMT

  • Your MoneyMore>>

  • The future of technology

    The future of technology

    Wednesday, July 23 2014 7:01 PM EDT2014-07-23 23:01:39 GMT
    For New Yorkers fed up with the nightmare otherwise known as traffic, a futuristic answer may be closer than you think: driverless cars.Gray Scott is a futurist with seriouswonder.com. He and his colleagues track the future of technology. He says driverless cars will be a reality.After launching Google Glass just months ago, Google is about to take vision innovation a step further.
    For New Yorkers fed up with the nightmare otherwise known as traffic, a futuristic answer may be closer than you think: driverless cars.Gray Scott is a futurist with seriouswonder.com. He and his colleagues track the future of technology. He says driverless cars will be a reality.After launching Google Glass just months ago, Google is about to take vision innovation a step further.
  • Puerto Rico's economic woes worry bondholders

    Puerto Rico's economic woes worry bondholders

    Wednesday, July 23 2014 6:41 PM EDT2014-07-23 22:41:09 GMT
    Puerto Rico just balanced its first budget in more than a decade. Sales taxes are up. But optimism remains low when it comes to those making financial investments in the commonwealth. Maglan Capital hedge fund managers David Tawil and Steven Azarbad seem to think Puerto Rico itself is not in any imminent financial danger, just its major utility companies. So why is this news to you? The simple answer: Puerto Rico is a major player when it comes to what Wall Street investors are interested in.
    Puerto Rico just balanced its first budget in more than a decade. Sales taxes are up. But optimism remains low when it comes to those making financial investments in the commonwealth. Maglan Capital hedge fund managers David Tawil and Steven Azarbad seem to think Puerto Rico itself is not in any imminent financial danger, just its major utility companies. So why is this news to you? The simple answer: Puerto Rico is a major player when it comes to what Wall Street investors are interested in.
  • Some StubHub accounts breached

    Some StubHub accounts breached

    Wednesday, July 23 2014 4:34 PM EDT2014-07-23 20:34:20 GMT
    Six people were indicted Wednesday in an international ring that managed to take over more than 1,000 StubHub users' accounts and fraudulently buy tickets to such prime events as Jay-Z and Elton John concerts, a New York Yankees-Boston Red Sox game and Broadway shows like "The Book of Mormon," the Manhattan district attorney said. Manhattan District Attorney Cyrus R. Vance Jr. said the thieves would then resell the tickets and split up the proceeds.
    Six people were indicted Wednesday in an international ring that managed to take over more than 1,000 StubHub users' accounts and fraudulently buy tickets to such prime events as Jay-Z and Elton John concerts, a New York Yankees-Boston Red Sox game and Broadway shows like "The Book of Mormon," the Manhattan district attorney said. Manhattan District Attorney Cyrus R. Vance Jr. said the thieves would then resell the tickets and split up the proceeds.
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices