Form 8-K · Current Report · Filed 2024-12-11
Kroger Terminates Merger with Albertsons and Announces $7.5B Share Repurchase Program
The Kroger Co. (NYSE: KR) has terminated its previously announced merger agreement with Albertsons Companies, Inc. following a preliminary injunction by the U.S. District Court for the District of Oregon, which was part of the Federal Trade Commission's lawsuit against the merger. In connection with the termination, Kroger has also decided to redeem $4.7 billion of its senior notes and terminate its Exchange Offers for Albertsons' notes. Additionally, Kroger has authorized a new $7.5 billion share repurchase program, replacing its existing $1 billion authorization from September 2022. This program includes an accelerated share repurchase of approximately $5 billion. Kroger plans to continue investing in lower grocery prices, higher associate wages, and supporting local communities, and intends to provide further strategic updates during an Investor Day event in late spring 2025.
- Filer
- Kroger Co. KR · NYSE
- Filed
- Accession
- 0001104659-24-127669
- CIK
- 0000056873
- Signal
- Medium impactConsumer Defensive
- Source
- Official filing on sec.gov ↗
Items reported
Termination of a Material Definitive Agreement
Regulation FD Disclosure
Financial Statements and Exhibits
Market reaction
Close before filing
$60.73
Next session
+4.2%
Since filing
-4.9%
Latest close
$57.74
What happened, not what will happen — closing prices around the filing date.
Precedent
Previous filings from KR reporting the same item, with the next session's move:
Exhibits (1)
About Kroger Co.
Kroger Co., a leading grocery retailer in the United States, operates a vast chain of supermarkets and multi-department stores. With its origins tracing back to 1883, Kroger has grown to become one of the largest retail companies worldwide. The primary function of Kroger is to provide a wide range of food and grocery items, along with other essential goods and pharmacy services, to consumers across the nation. Known for its strong private label brands, Kroger offers products that cater to diverse dietary preferences and budgets. The company plays a pivotal role in the retail sector by maintaining an extensive supply chain network, which is crucial for ensuring food security and accessibility in numerous communities. In addition to its retail operations, Kroger is at the forefront of sustainability initiatives, incorporating environmentally responsible practices and focusing on reducing food waste. Its impact extends beyond groceries, influencing industries such as agriculture, transportation, and logistics, further underscoring its significance in the financial market.
Never miss another KR filing
Profitelligence watches EDGAR around the clock and alerts you within seconds.