Kroger Company KR disclosed the termination of its merger agreement with Albertsons Companies, Inc. ACI following a preliminary injunction by the U.S. District Court in Oregon.Kroger's Board approved a new $7.5 billion share repurchase program, replacing the previous $1 billion authorization from September 2022.The company plans to execute an accelerated share repurchase (ASR) agreement for about $5 billion of common stock. Kroger anticipates strong free cash flow and remains focused on capital allocation p ...

Key TakeawaysKroger shares rose Thursday morning after the retailer said it is abandoning the Albertsons merger and restarting stock buybacks.The grocery chain said after the bell Wednesday that it will begin a new $7.5 billion buyback plan after pausing buybacks since announcing the merger in October 2022.Albertsons said Wednesday that it was ending the merger agreement and suing Kroger, accusing the chain of not doing enough to win approval for the deal. Kroger (KR) shares rose Thursday morning after the ...

Reiterates Commitment to Investing in America to Lower Grocery Prices, Raise Associate Wages, and Support Local CommunitiesHighlights Resilience of Value Creation Model and Strong Momentum to Drive Long-term, Sustainable GrowthBoard of Directors Authorizes $7.5B Share Repurchase Program including $5B Accelerated Share RepurchaseCINCINNATI, Dec. 11, 2024 /PRNewswire/ -- The Kroger Co. (NYSE: KR) today terminated its merger agreement with Albertsons after the U.S. District Court for the District of Oregon gra ...

The Kroger Co.’s (KR) well-woven strategies have been reinforcing its position in the industry. We note that the company had entered into a deal to acquire Albertsons Companies (ACI) for $24.6 billion in October 2022.In the latest update, the U.S. District Judge, Adrienne Nelson, in Oregon has blocked this planned acquisition deal, according to the media reports. This is because the aforesaid deal might cut competition for the U.S. grocery shoppers, thereby leaving them prone to increased prices, per source ...

Albertsons sued Kroger after a US judge blocked the merger of the supermarket giants, claiming Kroger failed to exercise “best efforts” and take “any and all actions” to secure regulatory approval.In addition to a $600 million termination fee, Albertsons is seeking “billions of dollars in damages from Kroger to make Albertsons and its shareholders whole” and relief for the years and millions of dollars that went down the drain after the deal failed, the company said. Albertsons said it terminated the deal. ...

Albertsons has sued fellow grocery giant Kroger over the failure of their $24.6 billion merger.The company said Wednesday (Dec. 11) that it has filed a lawsuit in the Delaware Court of Chancery, accusing Kroger of breach of contract.The suit came one day after a judge blocked Kroger’s planned acquisition of Albertston’s, pointing to concerns that the deal would hinder competition in the U.S. grocery space. It accuses Kroger of “willfully” violating the merger agreement between the two companies by doing thi ...

The deal is over. The story isn't.  A day after a federal judge blocked the long-planned merger between Kroger (KR) and Albertsons (ACI) that would’ve created a U.S. grocery giant, both companies were looking forward—to what’s next for their businesses and to the possibility of action in court.  Albertsons, which agreed in 2022 to link up with Kroger, this morning terminated the merger agreement, saying that it filed a lawsuit against Kroger seeking damages that go beyond a $600 million termination fee. In ...

CINCINNATI, Dec. 11, 2024 /PRNewswire/ -- The Kroger Co. (NYSE: KR) today issued the following statement:Albertsons' claims are baseless and without merit.Kroger refutes these allegations in the strongest possible terms, especially in light of Albertsons' repeated intentional material breaches and interference throughout the merger process, which we will prove in court.This is clearly an attempt to deflect responsibility following Kroger's written notification of Albertsons' multiple breaches of the agreeme ...

Traders work as screens display the trading information for Kroger Co. and Albertsons Companies Inc. on the floor of the New York Stock Exchange, Oct. 14, 2022.Albertsons on Wednesday formally terminated its proposed $25 billion merger with Kroger and filed a lawsuit against its supermarket competitor, saying Kroger violated its contract and didn't follow through on commitments to help get the deal approved.It comes a day after a judge blocked the planned tie-up.In a news release, Albertsons said Kroger bro ...

Kroger (KR) came out with quarterly earnings of $0.98 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.95 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this supermarket chain would post earnings of $0.92 per share when it actually produced earnings of $0.93, delivering a surprise of 1.09%.Over the last four quarters, the company has surpassed consensus EPS estimates three times.Kroger, which belongs to the Za ...