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Safeway Supermarket Chain Involved In Possible Acquisition Deal

Safeway Supermarket Chain Involved In Possible Acquisition Deal
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Shares of Safeway (NYSE: SWY) have headed higher after Kroger (NYSE: KR), according to Bloomberg, is contacting Safeway regarding some asset sales.

Safeway has been trying to get rid of its major assets for a while. Shares of the supermarket chain have steadily risen after they originally jumped four percent on February 19 on news of a possible takeover of the grocery chain.

Safeway recently had its fourth-quarter earnings and announced that it will distribute the remaining 37.8 million shares it owns of Blackhawk Network to its shareholders and investors. The company also said that it is planning on selling its 49 percent stake in Casa Ley.

Related: Five Star Stock Watch: Groupon

Back on June 13, 2013, shares of Safeway soared 10 percent, after the company revealed its plan to sell its Canadian operations business for $5.6 billion.

Kroger has contacted Cerberus Capital Management regarding a potential acquisition, about picking up some stores that Safeway might not consider lucrative.

Shares of Safeway are currently up $.43 per share, or 1.13 percent.

Posted-In: Bloomberg KrogerEarnings News Wall Street Journal Rumors M&A Media Best of Benzinga


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