Kroger completes acquisition of Harris Teeter
ChainStoreAge.com - Jan 31st 2014, 08:06
Cincinnati -- The Kroger Co. said it has completed its acquisition of Harris Teeter Supermarkets for about $2.5 billion. Under the terms of the merger agreement, Harris Teeter shareholders will receive $49.38 per share of Harris Teeter common stock.
The company also announced that Thomas W. Dickson, chairman and CEO of Harris Teeter, has retired, and that John Woodlief, executive VP and CFO of Harris Teeter would leave the company. Woodlief previously had been a managing partner at Pricewaterhouse Coopers, and is prohibited from working in a financial role at Kroger because PwC is Kroger’s independent accountant. He will remain available as a consultant, Kroger said, and will pursue other interests.
Harris Teeter will continue to be led by Harris Teeter’s current president, Fred Morganthall.
We are pleased that our merger is complete and look forward to bringing together the best of Kroger and Harris Teeter to benefit our customers, associates and shareholders,” said W. Rodney McMullen, CEO of Kroger.
“This merger brings the exceptional Harris Teeter brand and a complementary base of stores in attractive markets to the Kroger family. We have long respected Harris Teeter’s customer orientation, friendly and professional associates, strong management team, and company values – which are consistent with ours. Together, through our customer 1st strategy, we are going to be an outstanding combination.”From ChainStoreAge.com
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