CINCINNATI, Dec. 6, 2022
/PRNewswire/ -- The Kroger Co. (NYSE: KR) today announced that, as
expected, it has received a request for additional information
("second request") from the Federal Trade Commission as part of the
regulatory review process for its merger with Albertsons Companies,
Inc. (NYSE: ACI). Kroger issued the following statement:
Kroger looks forward to realizing the compelling benefits this
merger will offer, including enhancing competition, lowering prices
for customers, improving access to fresh food, creating
opportunities to continue investing in our associates and securing
the long-term future of union jobs. We will continue to work
cooperatively with the Federal Trade Commission as it conducts its
review of the merger, including developing a thoughtful divestiture
plan. Kroger continues to expect to complete the merger in early
2024.
The second request extends the waiting period imposed by the
Hart–Scott–Rodino Antitrust Improvements Act until 30 days after
Kroger and Albertsons Cos. have substantially complied with the
requests or the waiting period is terminated sooner by the Federal
Trade Commission. The transaction remains subject to customary
closing conditions.
To learn more about the merger, please visit
www.KrogerAlbertsons.com.
About Kroger
At The Kroger Co. (NYSE: KR), we
are dedicated to our Purpose: To Feed the Human Spirit™. We are,
across our family of companies nearly half a million associates who
serve over 11 million customers daily through a seamless digital
shopping experience and retail food stores under a variety of
banner names, serving America through food inspiration and uplift,
and creating #ZeroHungerZeroWaste communities by 2025. To learn
more about us, visit our newsroom and investor relations site.
Forward-Looking Statements
This press release
contains certain statements that constitute "forward-looking
statements" within the meaning of federal securities laws,
including statements regarding the effects of the proposed merger
with Albertsons Companies. These statements are based on the
assumptions and beliefs of Kroger management in light of the
information currently available to them. Such statements are
indicated by words or phrases such as "accelerate," "create,"
"committed," "confident," "continue," "deliver," "driving,"
"expect," "future," "guidance," "positioned," "strategy," "target,"
"synergies," "trends," and "will." Various uncertainties and other
factors could cause actual results to differ materially from those
contained in the forward-looking statements. These include the
specific risk factors identified in "Risk Factors" in Kroger's
annual report on Form 10-K for the last fiscal year and any
subsequent filings, as well as the following: the expected timing
and likelihood of completion of the proposed transaction, including
the timing, receipt and terms and conditions of any required
governmental and regulatory clearance of the proposed transaction;
the impact and terms and conditions of any potential divestitures
and/or the separation of a potential SpinCo; the occurrence of any
event, change or other circumstances that could give rise to the
termination of the merger agreement; the outcome of any legal
proceedings that may be instituted against the parties and others
following announcement of the merger agreement and proposed
transaction; the inability to consummate the proposed transaction
due to the failure to satisfy other conditions to complete the
proposed transaction; risks that the proposed transaction disrupts
current plans and operations of Kroger; the ability to identify and
recognize the anticipated benefits of the proposed transaction,
including anticipated TSR, revenue and EBITDA expectations and
synergies; the amount of the costs, fees, expenses and charges
related to the proposed transaction; and the ability of Kroger and
Albertsons Companies to successfully integrate their businesses and
related operations; the ability of Kroger to maintain an investment
grade credit rating; risks related to the potential impact of
general economic, political and market factors on the companies or
the proposed transaction. The ability of Kroger to achieve the
goals for the proposed transaction may also be affected by our
ability to manage the factors identified above. The forward-looking
statements by Kroger included in this press release speak only as
of the date the statements were made. Kroger assumes no obligation
to update the information contained herein unless required by
applicable law. Please refer to Kroger's reports and filings with
the Securities and Exchange Commission for a further discussion of
these risks and uncertainties.
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SOURCE The Kroger Co.