IE Business Daily Business news for the Inland Empire.
Safeway and Albertsons announced in a statement, a definitive agreement under which AB Acquisition LLC will acquire all outstanding shares of Safeway.
Safeway shareholders are expected to receive total value estimated at $40 per share. The merger agreement was unanimously approved by the Board of Directors of Safeway.
Albertsons’ Chief Executive Officer Bob Miller said in the statement, “This transaction offers us the opportunity to better serve customers by adapting more quickly to evolving shopping preferences in diverse regions across the country. It also brings together two great organizations with talented management teams.”
The Merger will create a network of more than 2,400 stores, 27 distribution facilities and 20 manufacturing plants with over 250,000 employees. No store closures are expected as a result of this transaction.
