Harris Teeter shareholders greenlight merger agreement with Kroger
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Harris Teeter’s shareholders voted to approve the previously announced merger agreement among Harris Teeter, Hornet Acquisition and Kroger.
Approximately 98.6% of the votes cast were in favor of the agreement, representing approximately 82.5% of Harris Teeter’s outstanding common stock as of Aug. 22.
Under the terms of the merger agreement, Harris Teeter shareholders will receive $49.38 per share in cash for each share of Harris Teeter common stock that they own. Upon closing of the transaction, Harris Teeter’s common stock will no longer be publicly traded and Harris Teeter will be a wholly owned subsidiary of Kroger.
The transaction remains subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Harris Teeter continues to expect that the transaction will close in the fourth calendar quarter of 2013.
Harris Teeter operates a leading regional supermarket chain in eight states primarily in the southeastern and mid-Atlantic United States and the District of Columbia.