Natural foods retailer Whole Foods Market has finally been able to complete its US$565m acquisition of rival chain Wild Oats Markets.
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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Shareholders who validly tendered prior to the expiration of the offer and whose shares were not properly withdrawn will promptly receive the offer price of $18.50 per share, net to the seller in cash without interest.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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By GlobalDataAfter 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.
