Safeway Inc. said this morning that the 21-day “go-shop” period that was part of the terms of the definitive merger agreement, under which AB Acquisition LLC agreed to acquire all outstanding shares of Safeway, has expired. AB Acquisition owns both Albertson’s LLC and New Albertson’s Inc.
Under the agreement, Safeway and its representatives were permitted to solicit and engage in negotiations with other potential buyers during the 21-day period that ended at 11:59 p.m. (ET) March 27. No other deals emerged.
Safeway and AB Acquisition expect to complete their merger in this year’s fourth quarter following the satisfaction of customary closing conditions. If the deal is finalized, the combined company would operate nearly 2,500 stores under 16 different banners in 34 states and the District of Columbia. The company would be the nation’s third largest grocer, behind only Walmart and The Kroger Co.
