Harris Teeter shareholders voted Thursday to approve the supermarket chain’s sale to The Kroger Co., a deal that Harris Teeter’s CEO said would make the stores better able to compete against retailers such as Wal-Mart.
The overwhelming vote – about 83 percent of Harris Teeter shareholders cast ballots in favor – moves the $2.4 billion deal one crucial step closer to completion.
A smaller majority, 72 percent, approved “golden parachute” compensation packages for Harris Teeter’s top executives once the deal is complete.
CEO Thomas Dickson would be eligible for a $262,500 bonus for getting the deal done. He would also be paid roughly $16 million in cash, stock and perks.
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