A&P, Pathmark report compliance with FTC request

By Lisa Kerner

Charlotte, N.C., July 16 - The Great Atlantic & Pacific Tea Co., Inc. and Pathmark Stores, Inc. submitted certifications of substantial compliance to the Federal Trade Commission in response to the agency's second request. The companies had entered into a timing agreement with the FTC.

On March 5, A&P entered into a definitive agreement to acquire Pathmark for $1.3 billion in cash, stock and debt. Pathmark shareholders will receive $9 in cash and 0.12963 of an A&P share for each Pathmark share.

As previously reported, the transaction, which includes a one-year termination fee of $50 million, will result in a 550-store, $11 billion supermarket chain. Both companies' boards have unanimously approved the deal, which was expected to close in the second half of 2007.

A&P is based in Montvale, N.J., and operates 410 supermarkets in nine states and the District of Columbia.

Pathmark is a 141-store supermarket chain based in Carteret, N.J.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.