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MINNEAPOLIS -- The waiting periods for Albertsons Inc.'s acquisition by Supervalu Inc., based here; CVS Corp.; and others expired yesterday, and Supervalu is chomping on the bit to move forward.
The Hart-Scott-Rodino Antitrust Improvements Act of 1976 waiting periods applicable to acquisitions of the remaining Albertsons businesses by CVS and an investment group led by Cerberus Capital Management, L.P., including Kimco Realty, Schottenstein Stores Corp., Lubert-Adler Partners, and Klaff Realty, have also expired. The expiration of these waiting periods satisfies a closing condition of the transaction.
Supervalu is conducting a series of meetings in several U.S. cities from March 14 through March 17, during which Jeffrey Noddle, chairman and c.e.o., and Pamela Knous, e.v.p. and c.f.o., will present. "I am excited and look forward to detailing the strong benefits from this proposed combination for the investment community," said Noddle. "We believe that this merger creates tremendous value for both Supervalu and Albertsons shareholders, as the combination results in a retail powerhouse with strong market positions, tremendous brand equities, significant size and scale, and a solid financial platform."
In conjunction with the investor meetings, the company will present at the Bank of America 2006 Consumer Conference today.