Harris Teeter shareholders sue over Kroger deal


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Submitted: Fri, 07/19/2013 - 2:37am
Updated: Fri, 07/19/2013 - 2:38am
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CHARLOTTE, N.C. (AP) – Harris Teeter shareholders have sued to block the purchase of the North Carolina grocery chain by the Kroger Co. of Cincinnati.

The Charlotte Observer reports (http://bit.ly/17nmsp5Published) the lawsuit was filed in Mecklenburg County on Tuesday.

The lawsuit says that Matthews-based Harris Teeter failed to get a high enough premium to its closing price.

Kroger agreed to buy Harris Teeter for $49.38 per share in cash, a 1.8 percent premium to the stock’s closing price the day before.

That price is about 34 percent higher than Harris Teeter’s stock was when rumors of a deal began six months ago.

The attorneys are asking a judge to block the transaction or award shareholders damages and attorneys’ fees.

A spokeswoman for Harris Teeter did not have a comment on the lawsuit early Thursday.

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Information from: The Charlotte Observer, http://www.charlotteobserver.com

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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