Natural foods retailer Whole Foods Market has finally been able to complete its US$565m acquisition of rival chain Wild Oats Markets.
Whole Foods sealed the deal following the failure of the Federal Trade Commission to block the acquisition on antitrust grounds.
Whole Foods said it had received tenders for almost 97% of Wild Oats’ shares by its deadline of 5:00pm ET yesterday (27 August).
Shareholders who validly tendered prior to the expiration of the offer and whose shares were not properly withdrawn will promptly receive the offer price of $18.50 per share, net to the seller in cash without interest.
As a result of these purchases, Whole Foods will own around 84.1% of the outstanding shares of Wild Oats’ common stock by 28 August, the company said. In addition, a further 12.7% of the outstanding shares of Wild Oats’ common stock, represented by the shares subject to guaranteed delivery, will be purchased during the next three working days.
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After buying those shares, WFM will acquire all of the remaining outstanding shares of Wild Oats Markets in accordance with the short-form merger procedure under Delaware law.