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Whole Foods buyout hinders Wild Oats' profits
DSN Retailing Today
Thursday, May 3, 2007
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Wild Oats Markets pending merger with Whole Foods Market contributed to lower profits for its first quarter ended March 31. The company reported net income for the first quarter of 2007, which included the $3.5 million spent on transaction costs, was $1.6 million, or 5 cents per share, compared to net income of $2.9 million or 10 cents per share in last year's first quarter.
On Feb. 21, Wild Oats Markets and Whole Foods Market announced they have signed a definitive merger agreement under which Whole Foods Market has offered to acquire Wild Oats Markets' outstanding common stock in a cash tender offer at $18.50 per share, or approximately $565 million based on fully diluted shares, plus assumed debt. Consummation of these transactions is subject to customary closing conditions, including regulatory filings. On April 25, the tender offer was further extended to May 22 due to a second request for information by the Federal Trade Commission in connection with the company's Hart-Scott-Rodino filing.
Companies referred to in story:
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