The Kroger Co. (KR) continues to solidify its leadership in the industry after the blocking of the merger deal with Albertsons Companies (ACI) . In the latest revelation, KR has terminated the merger agreement with ACI, following the U.S. District Judge, Adrienne Nelson, in Oregon has blocked this planned acquisition deal. According to media reports, this suit was brought by the Federal Trade Commission, along with eight states and the District of Columbia. (Read More: Kroger’s Deal to Acquire Albertsons Co ...

Kroger Company KR disclosed the termination of its merger agreement with Albertsons Companies, Inc. ACI following a preliminary injunction by the U.S. District Court in Oregon.Kroger's Board approved a new $7.5 billion share repurchase program, replacing the previous $1 billion authorization from September 2022.The company plans to execute an accelerated share repurchase (ASR) agreement for about $5 billion of common stock. Kroger anticipates strong free cash flow and remains focused on capital allocation p ...

Core Insights - Kroger has abandoned its proposed merger with Albertsons and announced a new $7.5 billion stock buyback plan [1][2][3] Group 1: Merger Termination - Kroger terminated the merger agreement after Albertsons also announced the end of the merger following legal challenges [2][3] - Albertsons has filed a lawsuit against Kroger, seeking a $600 million termination fee and additional damages, claiming Kroger did not adequately address regulatory concerns [3] Group 2: Stock Buyback Plan - Kroger's board approved a new $7.5 billion buyback plan, replacing a previously approved $1 billion plan from September 2022 [4] - The new buyback plan includes an accelerated portion, with $5 billion allocated for immediate stock repurchases [4] Group 3: Market Reaction - Following the announcement, Kroger shares rose approximately 3%, marking a 38% increase since the beginning of the year [5]

Reiterates Commitment to Investing in America to Lower Grocery Prices, Raise Associate Wages, and Support Local CommunitiesHighlights Resilience of Value Creation Model and Strong Momentum to Drive Long-term, Sustainable GrowthBoard of Directors Authorizes $7.5B Share Repurchase Program including $5B Accelerated Share RepurchaseCINCINNATI, Dec. 11, 2024 /PRNewswire/ -- The Kroger Co. (NYSE: KR) today terminated its merger agreement with Albertsons after the U.S. District Court for the District of Oregon gra ...

The Kroger Co.’s (KR) well-woven strategies have been reinforcing its position in the industry. We note that the company had entered into a deal to acquire Albertsons Companies (ACI) for $24.6 billion in October 2022.In the latest update, the U.S. District Judge, Adrienne Nelson, in Oregon has blocked this planned acquisition deal, according to the media reports. This is because the aforesaid deal might cut competition for the U.S. grocery shoppers, thereby leaving them prone to increased prices, per source ...

Core Viewpoint - Albertsons has filed a lawsuit against Kroger after a US judge blocked their proposed $25 billion merger, claiming Kroger did not make sufficient efforts to secure regulatory approval and is seeking billions in damages [1][4][7]. Group 1: Lawsuit Details - Albertsons alleges that Kroger failed to exercise "best efforts" to obtain regulatory approval for the merger [2][4]. - The lawsuit seeks a $600 million termination fee along with additional damages to compensate Albertsons and its shareholders [1][4]. - Kroger has responded by calling Albertsons' claims "baseless" and an attempt to deflect blame for the merger's failure [3][6]. Group 2: Merger Background - The merger, agreed upon in October 2022, aimed to create the largest grocery chain in the US with nearly 5,000 stores across 48 states and Washington, D.C. [7]. - The Federal Trade Commission (FTC) intervened in February, arguing that the merger would harm competition, particularly citing Kroger's plan to divest 579 stores for $2.9 billion as insufficient [7][9]. - FTC Chair Lina Khan expressed concerns that the merger could lead to higher prices for consumers due to reduced competition [8][9]. Group 3: Market Reactions - Following the news of the lawsuit and merger blockage, Albertsons' shares fell by 0.1%, while Kroger's shares increased by 1.4% [4].

Albertsons has sued fellow grocery giant Kroger over the failure of their $24.6 billion merger.The company said Wednesday (Dec. 11) that it has filed a lawsuit in the Delaware Court of Chancery, accusing Kroger of breach of contract.The suit came one day after a judge blocked Kroger’s planned acquisition of Albertston’s, pointing to concerns that the deal would hinder competition in the U.S. grocery space. It accuses Kroger of “willfully” violating the merger agreement between the two companies by doing thi ...

The deal is over. The story isn't.  A day after a federal judge blocked the long-planned merger between Kroger (KR) and Albertsons (ACI) that would’ve created a U.S. grocery giant, both companies were looking forward—to what’s next for their businesses and to the possibility of action in court.  Albertsons, which agreed in 2022 to link up with Kroger, this morning terminated the merger agreement, saying that it filed a lawsuit against Kroger seeking damages that go beyond a $600 million termination fee. In ...

CINCINNATI, Dec. 11, 2024 /PRNewswire/ -- The Kroger Co. (NYSE: KR) today issued the following statement:Albertsons' claims are baseless and without merit.Kroger refutes these allegations in the strongest possible terms, especially in light of Albertsons' repeated intentional material breaches and interference throughout the merger process, which we will prove in court.This is clearly an attempt to deflect responsibility following Kroger's written notification of Albertsons' multiple breaches of the agreeme ...

Traders work as screens display the trading information for Kroger Co. and Albertsons Companies Inc. on the floor of the New York Stock Exchange, Oct. 14, 2022.Albertsons on Wednesday formally terminated its proposed $25 billion merger with Kroger and filed a lawsuit against its supermarket competitor, saying Kroger violated its contract and didn't follow through on commitments to help get the deal approved.It comes a day after a judge blocked the planned tie-up.In a news release, Albertsons said Kroger bro ...