Kroger to buy Harris Teeter Supermarkets
Steve’s breakdown: From what we can see, Kroger will be keeping the Harris Teeter brand so this give’m a call. Right now, they do their advertising in-house.
Kroger offered $49.38 per share in cash, representing a premium of 1.8 percent to Harris Teeter’s Monday close. Kroger said it expects the deal to add 6 cents to 9 cents to its earnings per share in the first full year after close, excluding transition and transaction expenses.
Harris Teeter operates a chain of 212 supermarkets in North Carolina, Virginia, South Carolina, Maryland, Tennessee, Delaware, Florida, Georgia and the District of Columbia. No stores closures are planned. It reported revenue of about $4.5 billion for 2012. Total employment is about 25,300, and the company is not unionized.
Access Confidential Link: Harris Teeter Inc.