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Washington State wins court order to temporarily block Albertsons (NYSE:ACI) dividends


Top grocery retailer Kroger to acquire rival Albertsons for $24.6 billion

Mario Tama

Update 9:30pm: Add a link to a copy of the temporary restraining order.

A Washington state judge issued a temporary injunction blocking the payment of Albertsons (NYSE:ACI) dividends related to the plan to sell to Kroger (NYSE:KR). Albertsons 5.2% increase in overtime trading.

The Albertsons dividend was temporarily blocked by a Washington judge, according to a copy of the temporary restraining order. Dividend will be paid on Monday.

The next hearing on the potential preliminary order is set for November 10 in Washington state.

The attorneys general of several states filed a joint lawsuit against the Albertsons (ACI) to block a special $4 billion dividend announced in conjunction with a merger plan with Kroger (KR). The joint lawsuit joins the previously announced lawsuit from Washington State Attorney General Bob Ferguson, which was announced on Tuesday.

The Washington lawsuit alleges the two companies violated antitrust and consumer protection laws and sought to block payments to shareholders for these reasons.

The Attorney General of Washington DC, California, Illinois on Wednesday announced that it was suing the grocery chain, saying it would harm union employees, consumers and the company’s ability to operate with balances. lower cash.

Last Wednesday, a bipartisan group of state attorneys general called for Special dividends are stopped. Albertsons responded to these requests in a letter said that the dividend was planned before discussing the merger.

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