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AUSTIN, Texas -- Whole Foods Market, Inc. said yesterday it had extended the expiration date for its tender offer to purchase outstanding shares of Wild Oats Markets, Inc. to 5 p.m. on July 20, 2007.
As of the close of business on June 15, a total of 17,301,505 shares of common stock of Wild Oats, which represent approximately 57.9 percent of the shares that were outstanding as of April 27, have been tendered and not withdrawn pursuant to the tender offer.
On Feb. 21, Whole Foods entered into a merger agreement with Wild Oats, pursuant to which Whole Foods, through a wholly-owned subsidiary, has commenced a tender offer to purchase all of the outstanding shares of Wild Oats at a purchase price of $18.50 per share in cash. On June 7, the Federal Trade Commission filed a suit in the federal district court to block the proposed acquisition on antitrust grounds and seeking a temporary restraining order and preliminary injunction pending a trial on the merits.
Whole Foods and Wild Oats consented to a temporary restraining order pending a hearing on the preliminary injunction, which has been scheduled to begin on July 31 and to conclude on Aug. 1.