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 This material may not be published, broadcast, rewritten or redistributed.)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>>

  • Lady Star has been found thanks to your help & the power of social media!

    Lady Star has been found thanks to your help & the power of social media!

    Monday, July 28 2014 5:59 PM EDT2014-07-28 21:59:04 GMT
    SPOKANE, Wash. - A good ending to a story only brought about because of you and the power of social media. You may remember the story of the beautiful German Shepherd, Lady Star who went missing after a car crash on June 24th. She was the dog of Asha Bartholomew and her husband, a former WWII vet who passed away a year ago.
    SPOKANE, Wash. - A good ending to a story only brought about because of you and the power of social media. You may remember the story of the beautiful German Shepherd, Lady Star who went missing after a car crash on June 24th. She was the dog of Asha Bartholomew and her husband, a former WWII vet who passed away a year ago.
  • Scientists hoping to restore salmon in Ellensburg

    Scientists hoping to restore salmon in Ellensburg

    Monday, July 28 2014 5:56 PM EDT2014-07-28 21:56:35 GMT
    ELLENSBURG, Wash. (AP) - The settlers who founded Ellensburg in the 1870s were likely drawn by the plentiful water in creeks crisscrossing the valley, but as the city expanded, it grew right over those streams. Look at a Google map of downtown Ellensburg and you'll see Wilson Creek wind across Main Street.
    ELLENSBURG, Wash. (AP) - The settlers who founded Ellensburg in the 1870s were likely drawn by the plentiful water in creeks crisscrossing the valley, but as the city expanded, it grew right over those streams. Look at a Google map of downtown Ellensburg and you'll see Wilson Creek wind across Main Street.
  • Small airplane crashed in north-central Idaho

    Small airplane crashed in north-central Idaho

    Monday, July 28 2014 5:52 PM EDT2014-07-28 21:52:22 GMT
    OROFINO, Idaho (AP) - A small, home-built airplane has crashed in the Clearwater National Forest near the Idaho-Montana border, killing the pilot. The Clearwater County sheriff's office says a helicopter crew with Two Bear Air Helicopter of Whitefish, Montana, spotted the wreckage Monday near the Blackhead Mountain area west of Lolo Pass.
    OROFINO, Idaho (AP) - A small, home-built airplane has crashed in the Clearwater National Forest near the Idaho-Montana border, killing the pilot. The Clearwater County sheriff's office says a helicopter crew with Two Bear Air Helicopter of Whitefish, Montana, spotted the wreckage Monday near the Blackhead Mountain area west of Lolo Pass.
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.