March 6, 2014 |
Albertsons parent Cerberus Capital Management is setting its sights on the grocery throne currently occupied by Kroger, buying up rival Safeway Inc. in a deal valued at more than $9 billion. Through its AB Acquisition arm, Cerberus said Safeway shareholders will receive $40 a share, including $32.50 a share in cash. Board members of Safeway, which is based in Pleasanton in Northern California, unanimously approved the transaction. The company runs the Vons and Pavilions chains in Southern California.
October 24, 2013 |
Safeway Inc. shares have climbed for two straight days on speculation of a buyout offer just weeks after the grocery giant deflected another potential takeover. Buyout rumors erupted this week on reports that private equity firm Cerberus Capital Management was involved in discussions to acquire some or all of Safeway, which also operates the Vons and Pavilions chains. Cerberus currently owns a supermarket business that operates Albertsons and Shaw's. Investors responded by snapping up Safeway's stock, which rose nearly 10% this week to close at $36.06 on Thursday.
April 25, 2013 |
Safeway Inc. stock slid nearly 20% in morning trading Thursday as the Northern California supermarket giant - facing competition from dollar stores and Wal-Mart - reported flat revenue in the first quarter. The Pleasanton company said revenue for the period ended March 23 dipped slightly to $9.99 billion from $10 billion a year earlier - a dent that Safeway attributed to lower fuel sales and the sale of its Genuardi's stores. But same-store sales - a gauge that strips out volatility by only considering stores open at least a year and excludes the impact of fuel - rose 1.5%.
April 28, 2006 |
Safeway Inc.'s first-quarter profit rose 9%, continuing the grocer's recent gains from cost cutting that alienated many employees and from store improvements that are reeling in more shoppers. The Pleasanton, Calif.-based company said it earned $142.9 million, or 32 cents a share, for the three months ended March 25. That compared with net income of $131.3 million, or 29 cents, a year earlier. Revenue for the latest period totaled $8.89 billion, a 3% increase.
October 1, 1999 |
Shares of Safeway Inc. tumbled after the firm disappointed investors by matching Wall Street earnings estimates for its fiscal third quarter. Pleasanton, Calif.-based Safeway, the nation's second-largest supermarket chain, said its profit rose 15% in the latest quarter to $223.4 million, or 44 cents a share. The results matched the average estimate of analysts surveyed by First Call Corp. but they were less than estimates of 46 cents published on the StreetIQ Web site, http://www.streetiq.com.
July 29, 1999 |
Safeway Inc., under pressure from Wall Street to continue growing, said it will spend $1.4 billion to open as many as 75 new stores and remodel 250 others next year. The announcement is part of the No. 3 U.S. supermarket company's plan to boost earnings 15% over the next five years. That target does not include additional earnings from the planned acquisition of Houston-based Randall's Food Markets, announced last week.