US gocery chain operator A&P has reached an agreement with the Federal Trade Commission on a proposed timetable for completing of its acquisition of Pathmark.
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Last month, the FTC requested additional information in connection with the US$1.3bn deal from A&P’s largest shareholder, The Tengelmann Group, and Pathmark.
A&P said that the FTC’s “second request” extended the applicable waiting period under the HSR Act. During this time, the deal could not be finalised.
Under the timing agreement, A&P and Pathmark have said they will not certify that they have complied with the second requests before 30 June or consummate the acquisition for 60 days after they comply with the second requests.
The proposed acquisition would see Pathmark stores continue to operate under the Pathmark banner. A&P’s largest shareholder, Tengelmann, would remain the single largest shareholder of the combined entity.
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By GlobalData
