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No additional bids have been made during Safeway Inc.’s 21-day “go-shop” period, following the merger agreement earlier this month with Cerberus-owned AB Acquisition LLC, parent company of Albertson’s.
Under the terms of the agreement, Safeway was permitted to negotiate with other acquisition proposals until midnight March 27. According to Safeway, none of the parties contacted by the company during the “go-shop” period communicated their interest in an alternative transaction.
Safeway and AB Acquisition LLC expect to complete their merger in the fourth quarter of this year, following customary closing condition, approval by Safeway stock holders, as well as regulatory approvals including an antitrust evaluation. The deal will create a network that includes more than 2,400 stores, 27 distribution facilities and 20 manufacturing plants, employing more than 250,000 associates.
Pleasanton, Calif.-based Safeway currently operates 1,335 stores in 20 states and the District of Columbia, 13 distribution centers and 20 manufacturing plants, and employs approximately 138,000 employees.