Harris Teeter Shareholders Approve Kroger Merger
Harris Teeter's shareholders have voted overwhelmingly to approve the acquisition of its stores by The Kroger Co.
Harris Teeter officials said in a statement that 83 percent of the votes cast by shareholders were in favor of the $2.5 billion merger agreement.
Kroger is the nation's largest grocery chain with more than 2,400 stores. Kroger officials said they want to maintain the look and branding that the more than 200 Harris Teeter stores now have even after the merger is finalized. The deal must still receive final approval from federal regulators.
Upon closing of the transaction, Harris Teeter shareholders will get nearly 50 dollars for each share they own as part of the deal. Harris Teeter's common stock will no longer be publicly traded and Harris Teeter will be a wholly-owned subsidiary of Kroger.
Kroger officials say they hope to have the merger completed by the end of the year.