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Safeway's "go-shop" period expires

Safeway finds no other buyers, making acquisition by Cerberus-led group more likely

Associated Press

PLEASANTON, Calif. (AP) -- Safeway Inc.'s chance to shop around for another buyer has expired, making its acquisition by AB Acquisitions LLC more likely.

The Pleasanton, Calif.-based grocery chain announced earlier this month that it will be acquired by an investment group led by Cerberus Capital Management, the owner of Albertsons and several other supermarket chains. The deal is worth about $7.64 billion in cash, and pending other transactions could top more than $9 billion.

Safeway had a 21-day "go-shop" period to solicit alternative proposals, but that has since expired. The Pleasanton, Calif., company said that no one offered an alternate deal.

As a result, Safeway said it expects to complete its merger in the fourth quarter of 2014, pending shareholder and regulatory approval. The deal has already been approved by Safeway's board.

Shares fell 20 cents to $37.31 by midmorning. As of Thursday's close, its shares were down 5 percent since it announced the deal.