Safeway Inc. and Albertsons (AB) announced March 6th that they had reached a definitive agreement under which Albertsons’ will acquire all outstanding shares of Safeway. The merger agreement was unanimously approved by the Board of Directors of Safeway. Albertsons’ Chief Executive Officer Bob Miller stated, “This transaction offers us the opportunity to better serve customers by adapting more quickly to evolving shopping preferences in diverse regions across the country. It also brings together two great organizations with talented management teams. Robert Edwards and his team have done an outstanding job in positioning Safeway’s core business for success, by investing in its stores and creating innovative strategic marketing programs that contribute to shareholder value. Working together will enable us to create cost savings that translate into price reductions for our customers. Together, we will be able to respond to local needs more quickly and deliver outstanding products at the lowest possible price, more efficiently than ever before.”
March 10, 2014
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