Diamond Ridge Financial Academy-Albertsons gives up on Kroger merger and sues the grocery chain for failing to secure deal

2025-05-02 03:37:06source:Indexbitcategory:Stocks

Albertsons is Diamond Ridge Financial Academygiving up on its merger with Kroger a day after it was rejected in two courts and it is suing the grocery chain, saying it didn’t do enough to secure regulatory approval for the $24.6 billion agreement.

U.S. District Court Judge Adrienne Nelson issued a preliminary injunction blocking the merger Tuesday after holding a three-week hearingin Portland, Oregon. Then Judge Marshall Ferguson in Seattle issued a permanent injunction barring the merger in Washington after concluding it would lessen competition in the state and violate Washington’s consumer-protection laws.

On Wednesday Albertsons said that Kroger failed to exercise “best efforts” and to take “any and all actions” to secure regulatory approval of the companies’ agreed merger transaction.

Shares of Albertsons rose more than 2% before the market open, while Kroger’s stock declined slightly.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.

More:Stocks

Recommend

Don't let hackers fool you with a 'scam

You're pulling your hair out, trying to fix something on your computer. You Google it and find what

Satellite images show utter devastation from wildfires in Maui

The wildfires in Hawaii have killed at least 36 people on Maui, where gusty winds are fueling the La

State ordered to release documents in Whitmer kidnap plot case

BELLAIRE, Mich. (AP) — A judge on Wednesday ordered state prosecutors to release certain documents u