Harris Teeter shareholders approve merger with Kroger
Harris Teeter shareholders approve merger with Kroger
Harris Teeter Supermarkets announced that Harris Teeter's shareholders voted overwhelmingly to approve the previously announced agreement and plan of merger, dated July 8, among Harris Teeter, Hornet Acquisition Inc. and The Kroger Co.
Approximately 98.6 percent of the votes cast were in favor of the merger agreement, representing approximately 82.5 percent of Harris Teeter's outstanding common stock as of Aug. 22, 2013, the record date for the special meeting.
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 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.