Natural foods retailer Whole Foods Market has extended the expiration date for its tender offer to acquire outstanding shares in its competitor Wild Oats Markets to 20 August.
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The retailer said that as of the close of business on 15 August, around 69.4% of the outstanding shares in Wild Oats had been tendered and not withdrawn, pursuant to its tender offer.
Whole Foods first launched its bid for Wild Oats in February but in June the Federal Trade Commission (FTC) filed a suit in the federal district court to block the proposed acquisition on antitrust grounds, and sought a temporary restraining order and preliminary injunction pending a trial on the merits of the case.
Whole Foods and Wild Oats consented to a temporary restraining order pending a hearing on the preliminary injunction, which concluded on 1 August. A ruling from the federal district court is anticipated very soon.
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