Albertsons Parent Cerberus To Buy Safeway - ABC FOX MONTANA NEWS, WEATHER, SPORTS - KTMF/KWYB

Albertsons Parent Cerberus To Buy Safeway

Posted: Updated:
Safeway says it has agreed to be acquired by an investment group led by Cerebus Capital Management, the owner of Albertsons and several other supermarket chains. Safeway says it has agreed to be acquired by an investment group led by Cerebus Capital Management, the owner of Albertsons and several other supermarket chains.
PLEASANTON, Calif. -

Safeway says it has agreed to be acquired by an investment group led by Cerebus Capital Management, the owner of Albertsons and several other supermarket chains.

The acquisition is worth about $7.64 billion in cash, and pending other transactions could top more than $9 billion.

It comes amid ongoing consolidation in the supermarket industry, which is facing growing competition from big-box retailers, specialty chains, drug stores and even dollar stores.

Cerberus bought five chains including Albertson's and Jewel-Osco from Supervalu Inc. last year. Kroger Co. also recently snapped up regional chain Harris Teeter.

Safeway shareholders will receive $32.50 per share in cash. Pending other deals, the company says the deal is worth roughly $40 per share to stockholders.

Shares of Pleasanton, Calif.-based Safeway Inc. closed at $39.47 Thursday.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • Top Stories from KHQTop StoriesMore>>

  • Post Falls Police: missing 11-year-old boy found

    Post Falls Police: missing 11-year-old boy found

    Friday, July 25 2014 4:10 AM EDT2014-07-25 08:10:11 GMT
    POST FALLS, Idaho - The Post Falls Police Department is asking for your help locating an endangered 11-year-old boy.
    POST FALLS, Idaho - The Post Falls Police Department is asking for your help locating an endangered 11-year-old boy. Jeremy Yaken was last seen at around 6:00pm in Post Falls on Idaho Street near the 7-11 north of I-90. Yaken suffers from autism and is possibly bi-polar. It cannot be confirmed if Yaken has taken his medication, and he is considered endangered.
  • Progress being made on power outages

    Progress being made on power outages

    Friday, July 25 2014 12:53 AM EDT2014-07-25 04:53:40 GMT
    SPOKANE, Wash. - As of 9:30pm Thursday, there were still more than 20,000 customers without power in the Inland Northwest.
    SPOKANE, Wash. - As of 9:30pm Thursday, there were still more than 20,000 customers without power in the Inland Northwest. In a press release sent out Thursday night, Avista said they have 68% of the nearly 40,000 customers who lost power during Wednesday's severe thunderstorm have power again. There were still more than 12,000 customers without power, however. Avista said rein...
  • PHOTOS: Severe storm causes power outages, damage to homes

    PHOTOS: Severe storm causes power outages, damage to homes

    Friday, July 25 2014 12:19 AM EDT2014-07-25 04:19:06 GMT
    SPOKANE, Wash. - A storm seemed to leave just as fast as it arrived Wednesday in Spokane. High winds blew over trees and utility lines, causing widespread power outages and some severe property damage. INSIDE>>>| Power Outages | PHOTOS |
    SPOKANE, Wash. - A storm seemed to leave just as fast as it arrived Wednesday in Spokane. High winds blew over trees and utility lines, causing widespread power outages and some severe property damage. INSIDE>>>| Power Outages | PHOTOS |
Powered by WorldNow

Features

  • More Features
  • Powered by WorldNow
    All content © Copyright 2000 - 2014 WorldNow and Cowles Montana Media. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.