Dive Brief:
- Harris Teeter shareholders are expected to vote Thursday on whether or not to accept Kroger's $2.44 billion acquisition offer.
- The current agreement would see Kroger buy Harris Teeter at $49.38 cash per share, which would be 33% more than its stock value as of January.
- Some shareholders have pushed for a higher offer, but executives at Harris Teeter maintain that the deal would be fair as is.
Dive Insight:
The leadership at Kroger will be happy to see this deal tied up and sealed, now that the Cincinnati-based company is looking to expand on programs already in place at Harris Teeter and leverage the chain's 212 stores to bolster its presence in Southern and Mid-Atlantic states.
Given that Kroger beat out 18 competing bidders to win this deal, shareholders arguing for a higher offer certainly have a tough case to make.