Harris Teeter Supermarkets announced that Harris Teeter’s shareholders voted overwhelmingly to approve the previously announced Agreement and Plan of Merger, dated July 8, 2013, among Harris Teeter, Hornet Acquisition, Inc., and The Kroger Co. Approximately 98.6% of the votes cast at the special meeting were voted in favor of the Merger Agreement, representing approximately 82.5% of Harris Teeter’s outstanding common stock as of August 22, 2013, the record date for the special meeting.
Under the terms of the Merger Agreement, Harris Teeter shareholders will receive $49.38 per share in cash for each share of Harris Teeter common stock that they own. Upon closing of the transaction, Harris Teeter’s common stock will no longer be publicly traded and Harris Teeter will be a wholly-owned subsidiary of Kroger.
The transaction remains subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Harris Teeter continues to expect that the transaction will close in the fourth calendar quarter of 2013.