Kroger completes merger with Harris Teeter Kroger (KR) and Harris Teeter (HTSI) announced that the merger transaction between the two companies was completed on January 28. Harris Teeter shareholders will receive $49.38 per share of Harris Teeter common stock. Harris Teeter will continue to operate its stores under the Harris Teeter brand name as a subsidiary of The Kroger Co. Harris Teeter had revenues of $4.7B for 2013. Kroger intends to continue its quarterly dividend and share repurchase program while managing free cash flow to reduce the leverage taken on in this merger. Kroger continues to expect net accretion to earnings per diluted share in the range of 6c–9c in the first full year after the merger. Kroger expects to achieve cost savings of approximately $40M-$50M, largely from the benefits of Kroger's enhanced scale, within the next four years. As of January 28, shares of Harris Teeter common stock ceased to trade on the New York Stock Exchange. Together, the company will operate 2,641 supermarkets and employ more than 368K associates across 34 states and D.C.
News For KR;HTSI From The Last 14 Days
Check below for free stories on KR;HTSI the last two weeks.