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CHARLOTTE, NC—The Kroger Co. is acquiring Harris Teeter for $2.4 billion, or $49.38 per share. The price marks a 33.7% premium to Harris’ closing share price on Jan. 18, the day of the first media report that the grocery store brand was evaluating strategic alternatives. The boards of both companies have approved the deal.

David B. Dillon, Kroger’s chairman and CEO, called Harris an exceptional company with a great brand, friendly and talented associates, and attractive store formats in vibrant markets run by a first-class management team. As Dillon sees it, Harris shares Kroger’s customer-centric approach, from store format and merchandising to loyalty programs. Post-merger, Kroger will operate 2,631 supermarkets and employ more than 368,300 associates across 34 states and the District of Columbia.

 

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