From Deseret News archives:
Albertsons calls off all talks about its potential sale
Discussions continue on the sale of some assets, retailer says
Discussions continue with "several parties" that are interested in buying its underperforming assets, the Boise-based company said in a statement distributed by PR Newswire. Albertsons spokeswoman Shannon Bennett didn't immediately return a message left at her office.
Supervalu Inc., the owner of Save-A-Lot and Shop 'n Save stores that is based in Eden Prairie, Minn., said in a statement late Thursday that a group of companies agreed with Albertsons to end acquisition talks.
CVS Corp., the No. 2 U.S. drugstore chain, said earlier Thursday that it ended discussions to purchase Albertsons standalone Sav-on and Osco drugstores, according to a separate statement from the company, based in Woonsocket, R.I.
Albertsons shares, which fell 78 cents to $22.50 in extended U.S. trading, declined 82 cents, or 3.4 percent, to close at $23.28 in New York Stock Exchange composite trading Thursday. The shares are down 2.5 percent this year.
The New York Times had reported Thursday that Albertsons' board rejected a $9.6 billion takeover offer from a group of investors including CVS, citing unidentified people close to the negotiations.
"People were looking for a quick $26 and to go home, and now there is that uncertainty," said David Dietze, president of Point View Financial Services in Summit, N.J., which manages about $100 million, including Albertsons shares. "Will they be able to find a new set of players?"
Supervalu Inc., Cerberus Capital Management LP, Kimco Realty Corp. and CVS were bidding for Albertsons, the New York Times said.
"While a deal might still be completed for Albertsons, we believe the risk/reward profile has turned decidedly more negative if the reported $26 cash/stock bid was rejected," Bear Stearns & Co. Inc. analyst Robert Summers, who has an "underperform" rating on the stock, --> wrote in a report. "We find it unlikely that another bidder emerges for a more attractive offer."
Contributing: Josh Fineman
Comments
- Try this chicken two-fer 6:54 p.m.
- Cats are trainable — no joke 6:47 p.m.
- Oscar gets 20 animated submissions 6:38 p.m.
- Semifinal slate sealed on 'Dancing' 6:30 p.m.
- Records: MJ's funeral cost about $1M 6:28 p.m.
- Yardsmart: Flowers honor veterans 6:26 p.m.
- Lining up for 'Modern Warfare 2' 6:22 p.m.
- Ronnie Wood divorced over adultery 6:21 p.m.
- Warhol's MJ portrait sells for $812K 6:17 p.m.
- MacIntyre wins literature award 6:16 p.m.
- SLC council OKs gay rights policies
- Utah Jazz have a problem at point
- 'Love story' of crash victim ends
- BYU football recruit turning heads
- Alta's Ohai is Ms. Soccer 2009
- Prep football: Felt's Facts Week
- 12 Utes return to Texas
- Cougars' defensive hoops clinic
- Wyoming writer amazed by BYU
- Gays get Mormon support in SLC
- House passes health care bill
275 - SLC council OKs gay rights policies
234 - TCU showdown has big implications
192 - Senators want food tax restored
157 - Cougars crush hapless Cowboys
155 - Utah Jazz fall apart against Kings
131 - TCU 4th in AP poll; U. 16th, Y. 22nd
119 - S.L. vote pending on gay protections
109 - No 'backlash' for pioneers, gays analogy
108 - Pratt pleads not guilty to sex charges
100
Maybe someone out there can help me understand how raising the state...
Well, I first wanted to write - WHO CARES??? But, I realized that is unkind...
thank you, a fine article and great for our own introspect.
Its no secret people..... Why is it Alta, Bingham and Davis in the Final...
Since Joseph Smith never had anything to do with polygamy, it is no wonder...
"As an ex member of the church and CURRENT homosexual, i believe that...
I am so thrilled to hear that the money was raised and the kids get to have a...
Lets remember who said the America was stupid, and that we should just have...
Remember last year? 13-10 babbbbbyyyyyy!! Can't deny the fact that the Utes...
Your tears have been delicious. Here's to another year of bathing in your...
As a mother of a daughter who sustained a traumatic brain injury as the...


You can be the first to comment on this story.