But that doesn't mean C&S will wind up with Grand Union. The auctioning of the company, which is in bankruptcy, is still slated for later this week, and a bankruptcy court hearing is scheduled for Nov. 20 to approve the winning bid. The C&S bid is expected to set the tone for the auctioning process, which could include such names as A&P and DiGiorgio Corp., a Carteret, NJ-based distribution company. If someone does outbid C&S, the latter will get a breakup fee amounting to 2.8% of its final bid. If that final bid is $301.8, the fee would total some $8.45 million.
C&S' offer was for all but 12 of Grand Union's 197 stores. It was also for a distribution center located in Montgomery, NY.
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