Albertsons is terminating its attempted merger with Kroger and suing the rival company a day after a federal judge blocked the deal.
The grocery industry’s biggest potential alliance is toast.
Albertsons said Wednesday that it is terminating Kroger’s attempted $24.6 billion acquisition, a day after a federal judge blocked the deal due to antitrust concerns.
In addition, Albertsons filed a lawsuit in the Delaware Court of Chancery against its rival, saying it failed to exercise «best efforts» to get approval for the deal.
«Rather than fulfill its contractual obligations to ensure that the merger succeeded, Kroger acted in its own financial self-interest, repeatedly providing insufficient divestiture proposals that ignored regulators’ concerns», Albertsons’ General Counsel and Chief Policy Officer Tom Moriarty said in a statement.
