Kroger to acquire Albertsons for $34.10 per share, special dividend $6.85/sh

Albertsons Companies, Inc.

Consideration $34.10/share (~$24.6B EV including $4.7B net debt); 32.8% premium over Oct 12 close.
Special cash dividend of up to $4B ($6.85/share) payable Nov 7, 2022 to ACI holders of record Oct 24.
Combined company expects ~$1B annual synergies within 4 years; Kroger CEO Rodney McMullen to lead.
Termination fees: $318M from ACI; $600M from Kroger if HSR not cleared by Jan 2024 (extendable).
Approved by both boards; majority stockholder consent obtained; close expected early 2024, subject to reg approvals.

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