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 This material may not be published, broadcast, rewritten or redistributed.)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

  • Spokane Police to be equipped with body cameras Monday

    Spokane Police to be equipped with body cameras Monday

    Sunday, August 31 2014 10:10 PM EDT2014-09-01 02:10:27 GMT
    SPOKANE, Wash. - The Spokane Police Department will equip some officers with body cameras Monday, after Police Chief Frank Straub fast tracked pilot program. The Spokesman-Review reports 17 officers will receive the cameras designed to promote accountability and transparency within the police force. 
    SPOKANE, Wash. - The Spokane Police Department will equip some officers with body cameras Monday, after Police Chief Frank Straub fast tracked pilot program. The Spokesman-Review reports 17 officers will receive the cameras designed to promote accountability and transparency within the police force. 
  • Man hospitalized after downtown dispute

    Man hospitalized after downtown dispute

    Sunday, August 31 2014 10:09 PM EDT2014-09-01 02:09:05 GMT
    SPOKANE, Wash. - One man is in critical condition after a fight in downtown Spokane early Sunday morning, according to Spokane Police. Patrol officers found the man unresponsive at 2:30 a.m. near the intersection of Sprague and Stevens. Witnesses told police the injured man had walked out in front of a taxi and started a fight.
    SPOKANE, Wash. - One man is in critical condition after a fight in downtown Spokane early Sunday morning, according to Spokane Police. Patrol officers found the man unresponsive at 2:30 a.m. near the intersection of Sprague and Stevens. Witnesses told police the injured man had walked out in front of a taxi and started a fight.
  • 'Best Pig Out Yet'

    'Best Pig Out Yet'

    Sunday, August 31 2014 10:08 PM EDT2014-09-01 02:08:40 GMT

     

    SPOKANE, Wash. - Pig Out In The Park brings in thousands to delve into their favorite fair-like foods and put diets on the back burner. But this year is a little bit different, because organizers are calling it the largest pig out yet.

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.