Harris Teeter shareholders sue over Kroger deal

Harris Teeter shareholders sue over Kroger deal

Harris Teeter shareholders sue over Kroger deal

Print
Email
|

Associated Press

Posted on July 18, 2013 at 8:35 AM

CHARLOTTE, N.C. (AP) -- Harris Teeter shareholders have sued to block the purchase of the North Carolina grocery chain by the Kroger Co. of Cincinnati.

 

The Charlotte Observer reports the lawsuit was filed in Mecklenburg County on Tuesday.

The lawsuit says that Matthews-based Harris Teeter failed to get a high enough premium to its closing price.

Kroger agreed to buy Harris Teeter for $49.38 per share in cash, a 1.8 percent premium to the stock's closing price the day before.

That price is about 34 percent higher than Harris Teeter's stock was when rumors of a deal began six months ago.

The attorneys are asking a judge to block the transaction or award shareholders damages and attorneys' fees.

A spokeswoman for Harris Teeter did not have a comment on the lawsuit early Thursday.

------

Information from: The Charlotte Observer, http://www.charlotteobserver.com

AP-WF-07-18-13 1233GMT

Print
Email
|