Court ruling favors
Whole Foods merger
Aug 17, 2007 8:45 AM
The United States District Court for the District of Columbia has denied the Federal Trade Commission’s (FTC) request for a preliminary injunction related to the proposed merger between Whole Foods Market Inc and Wild Oats Markets Inc.
The FTC may choose to appeal the District Court’s ruling and may seek a stay from either the District Court or the US Court of Appeals for the District of Columbia Circuit to preclude the closing of the merger pending an appeal.
Both supermarkets have agreed with the FTC to not close the merger before noon Eastern time Aug 20, 2007.
Whole Foods Market entered into a merger agreement Feb 21, 2007, with Wild Oats, pursuant to which Whole Foods Market, through a wholly owned subsidiary, would purchase all of the outstanding shares of Wild Oats for $18.50 per share in cash. The FTC filed a suit June 7 in the federal district court to block the proposed acquisition on antitrust grounds.
