A class-action lawsuit seeking to stop the acquisition of Harris Teeter Supermarkets Inc. by The Kroger Co. has been filed on behalf of shareholders of the Matthews-based grocery chain.
Named among the defendants are Harris Teeter, its CEO Thomas Dickson and members of its board, and Kroger.
The lawsuit alleges the board failed to adequately consider the shareholders in the merger agreement, and that the deal includes unreasonable protections that serve to prevent competing offers. Click here to read the complaint.
Kroger said on July 9 that it had agreed to buy Harris Teeter for $49.38 per share. The price represents a premium of about 1.8 percent over the closing price of Harris Teeter’s stock on the day before the deal was announced — but it’s 33.7 percent higher than the closing share price on Jan. 18, the day before it was reported that Harris Teeter might be eyeing a sale.
To read the rest of the story, please go to: Charlotte Business Journal
