Harris Teeter Shareholders Okay $2.5 Bln. Merger With Kroger

(RTTNews) - Supermarket chain Harris Teeter Supermarkets Inc. (HTSI) said Thursday its shareholders approved its $2.5 billion merger with Kroger Co. (KR). The deal was initially announced in July.

About 98.6% of the votes cast at today's special meeting were voted in favor of the deal, Harris Teeter said.

As per the terms, Harris Teeter shareholders will receive $49.38 per share in cash for each share of Harris Teeter common stock that they own.

The deal is to close in the fourth calendar quarter of 2013.

Upon closing of the deal, Harris Teeter's common stock will no longer be publicly traded and Harris Teeter will be a unit of Kroger.

Harris Teeter has a complementary base of 212 stores in southeastern and mid-Atlantic markets and in Washington, D.C.

Harris Teeter also operates distribution centers for grocery, frozen and perishable foods in Greensboro and and Indian Trail in North Carolina and a dairy facility in High Point, North Carolina. The company had revenues of $4.5 billion for fiscal year 2012.