The Washington state Supreme Court has brushed aside the final remaining legal hurdle in the way of a $4 billion dividend by Safeway owner Albertsons to its shareholders ahead of a proposed merger with rival Kroger, which owns Fred Meyer.
SEATTLE — The Washington state Supreme Court has brushed aside the final remaining legal hurdle in the way of a $4 billion dividend by Albertsons to its shareholders ahead of a proposed merger with rival Kroger.brought by state Attorney General Bob FergusonFerguson had argued that the payment could financially weaken Albertsons and lead to shuttering locations of Albertsons and of Safeway, which Albertsons owns.
Albertsons, which is based in Boise, Idaho, wants to pay the dividend to shareholders ahead of its proposed $25 billion merger with Kroger, which owns QFC and Fred Meyer.Ferguson said in a statement Tuesday afternoon that his office respects the decision but is surprised and disappointed the state Supreme Court decided not to hear the case.Ferguson’s case was the final obstacle to the dividend after a federal judge in Washington, D.C.
Albertsons will immediately begin the process of paying the dividend to stockholders, the company said in a statement Thursday afternoon.
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