BI-LO Buys Winn-Dixie For $530 Million
December 19, 2011 by staff
BI-LO Buys Winn-Dixie For $530 Million, The Bi-Lo grocery chain announced today that it will acquire Winn-Dixie to create one of the South’s largest supermarket chains with 690 grocery stores and 63,000 employees in eight states.
Bi-Lo LLC said it will pay more than $530 million, or $9.50 per share, to acquire all of the outstanding stock of Winn-Dixie. The purchase price represents a 75 percent premium above Winn-Dixie’s closing price on Friday.
“With no overlap in our markets, the combined company will have a perfect geographic fit that will create a stronger platform from which to provide our customers great products at a great value, while continuing to offer exceptional service,” Bi-Lo Chairman Randall Onstead said. “Bi-Lo and Winn-Dixie are both strong regional brands with similar heritages, compelling customer connections, and outstanding employees. Both have been an important part of the communities and families they serve, and we look forward to building upon these two iconic brands and serving loyal customers for years to come.”
The merger is expected to close in the next 60 to 120 days, subject to the approval of Winn-Dixie shareholders and anti-trust regulators, company officials said. Following the completion of the merger, Winn-Dixie will become a privately-held, wholly owned subsidiary of BI-LO and Winn-Dixie’s common stock will cease trading on the Nasdaq Exchange.
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