Sunday, March 22, 2009

A&P Buys Out Pathmark ?

Great Atlantic & Pacific Tea Co., the owner of A&P, Super Fresh and Food Emporium supermarkets, agreed to buy Pathmark Stores for $1.3 billion to create the largest grocery chain in the Northeast.

Pathmark investors are to receive about $13 a share -- $9 in cash and 0.13 share of Great Atlantic stock, the companies said yesterday in a statement. Great Atlantic, of Montvale, N.J., is paying 7.9 percent more than Pathmark's stock price Feb. 26, the day before the companies said they were discussing a merger. The price includes debt and liabilities

The new chain will have 550 stores, mostly in New York, New Jersey and Philadelphia, and annual sales of $11 billion. The companies said the merger would reduce costs and help fend off competition from Wal-Mart and Costco as they increase grocery sales in the region.

To read the rest of the story click HERE cousin Cathy, alerted me to this a few weeks ago....she told me to AVOID the "America's Choice" brand of meats at ALL COSTS!!!

"Change is the law of life. And those who look only to the past or present are certain to miss the future. " - John F. Kennedy

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