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MONTVALE, N.J. and CARTERET, N.J. -- The Great Atlantic and Pacific Tea Co. said yesterday that at its special meeting of stockholders, the company's stockholders approved the issuance of shares of A&P stock in relation to the merger of Pathmark Stores, Inc. into a wholly owned A&P subsidiary. The number of shares voting to approve the issuance represents 75 percent of the total number of shares outstanding and entitled to vote.
Also yesterday, Pathmark said that its stockholders approved the merger with A&P at a special meeting of stockholders. The merger was approved by 73.9 percent of the shares of Pathmark common stock outstanding as of the record date for the special meeting, and 99.9 percent of those shares voted by Pathmark stockholders at the meeting. The proposal to approve the merger needed an approval of over 50 percent of the outstanding shares of Pathmark common stock.
When the merger is completed, Pathmark's stockholders will be entitled to receive $9 in cash and 0.12963 shares of A&P common stock for each share of Pathmark common stock they own.
The closing of the merger remains subject to the receipt of all necessary regulatory approvals and the satisfaction or waiver of other customary closing conditions enumerated in the two retailers' merger agreement. The transaction is expected to close by the end of December 2007.
A&P operates 337 stores in eight states and the District of Columbia under the A&P, Waldbaum's, The Food Emporium, Super Foodmart, Super Fresh, Sav-A-Center, and Food Basics banners. Pathmark is a regional supermarket chain operating 140 supermarkets in the New York, New Jersey, and Philadelphia metropolitan areas.