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Harris Teeter Shareholders Suing Kroger Over Buyout

Harris Teeter Shareholders Suing Kroger Over Buyout
Posted July 18th, 2013 @ 11:46am by 700WLW news

( Cincinnati ) - Harris Teeter shareholders have filed a lawsuit seeking to block acquisition of the Charlotte-based company by Kroger.

The lawsuit filed Tuesday claims that Harris Teeter failed to get a high enough premium to its closing price.

Kroger agreed to buy the company for $49.38 per share in cash which came out to a 1.8 percent premium to the stock’s closing price the day before. However, that price is about 34 percent higher than Harris Teeter’s stock was when rumors of a deal began to surface six months earlier.

The attorneys have asked a judge to block the transaction or award shareholders monetary damages and attorneys’ fees.

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