A&P, Pathmark to notify F.T.C. on merger
September 21, 2007
by FoodBusinessNews.net Staff
MONTVALE, N.J. — The Great Atlantic & Pacific Tea Co., Inc. and Pathmark Stores, Inc. have entered into an agreement with the Federal Trade Commission in which the companies have agreed to provide the F.T.C. notice of their intention to complete A&P’s acquisition of Pathmark at least two weeks before the closing of the transaction.
Additionally, the companies have agreed that such notice will not come before Oct. 5.
After agreeing to merge, A&P’s majority shareholder, Tengelmann, and Pathmark received Second Requests from the F.T.C., which extended the applicable waiting period during which the companies could not complete the acquisition.
Under the merger agreement, A&P will acquire Pathmark Stores for $1.3 billion in cash, stock and debt assumption or retirement.