Supermarket operator The Great Atlantic & Pacific Tea Company (A&P) has tabled a takeover bid for the New Jersey-based retailer Pathmark Stores.
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According to statements from both companies, A&P has made a US$12.50 per share offer for Pathmark, with the deal being comprised of cash and A&P stock.
But the companies said that no final agreement had yet been reached and there could be no assurance that any agreement would be reached. The companies added that if a final agreement is reached, it would remain subject to a number of uncertainties and conditions, such as shareholder and regulatory approvals, including Federal and State antitrust clearances.
Pathmark operates 141 supermarkets, primarily in the New York, New Jersey and Philadelphia metropolitan areas. A&P trades from some 410 outlets across nine states and the District of Columbia under the A&P, Waldbaum’s, The Food Emporium, Super Foodmart, Super Fresh, Farmer Jack, Sav-A-Center and Food Basics trading names.
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