The Kroger-Albertsons deal is dead. And it looks like the two erstwhile partners have suddenly become enemies.
After two severe strikes against their proposed $25 billion merger, Albertsons has announced it has “exercised its right to terminate its merger agreement with Kroger” – and has now sued Kroger as well, saying it “refused to offer an adequate divesture package and repeatedly ignored regulators’ concerns, causing the merger with Albertsons to be blocked,” causing “billions of dollars in damages” to Albertsons’ business, employees, shareholders and consumers.
“Given the recent federal and state court decisions to block our proposed merger with Kroger, we have made the difficult decision to terminate the merger agreement,” CEO Vivek Sankaran said in a statement released this morning. “We are deeply disappointed in the courts’ decisions.” Complete article from Coupons in the News here.