Ahold's Acquisition of Giant Food Imminent; Tender offer for outstanding common shares extended.ZAANDAM, The Netherlands--(BUSINESS WIRE)--Oct. 2, 1998-- Royal Ahold (NYSE NYSE See: New York Stock Exchange : AHO), the international food retailer, announced today it is extending its tender offer for the Class A Non-Voting Stock of Giant Food Inc. until 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on October 22, 1998. Based upon information provided by The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , as depositary for the offer, as of the close of business on October 1, 1998, approximately 48 million shares (approximately 80%) of the outstanding Class A Non-Voting Stock had been tendered and not withdrawn. This extension of the tender offer has been made to accommodate an anticipated vote by the Commissioners of the Federal Trade Commission on Ahold's approximately USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2.7 billion acquisition of Giant Food, the prominent US supermarket company with sales last year of USD 4.2 billion. Ahold to date has made substantial progress in finalizing FTC review of the divestiture proposal in which agreements with buyers for 10 'overlapping' stores in Maryland and Pennsylvania have been signed. Ahold has received indications from FTC staff that the buyers and agreements are acceptable and that the major hurdles to FTC approval have been overcome. Ahold expects that this tender offer extension will be the last and that the transaction can be completed imminently. Royal Ahold (Koninklijke Ahold nv) is a leading international food retailer with 1997 sales of approximately $26 billion and 3,200 stores and 220,000 associates worldwide. Ahold is the leading food retailer in The Netherlands, one of the top supermarket companies in the US, and has major operations in several countries in Southern and Central Europe, Latin America and Asia. In the United States, Ahold is prominent along the East Coast, operating the BI-LO, Giant Food Stores (including Edwards), Tops Markets (including Finast), and Stop & Shop companies encompassing over 830 stores. Upon completion of its acquisition of Giant Food Inc., expected within the next few weeks, Ahold will operate over 1000 stores along the eastern seaboard with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. US sales approaching $20 billion. In addition to its listing on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE: AHO), Ahold's shares are trading on the Amsterdam Exchanges and on the Swiss Exchange, and Ahold options are also traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (AMEX AMEX See: American Stock Exchange ). Ahold common shares may be accessed on the Reuter Equities 2000 Service under the symbol AHLN.AS and on Quotron under the symbol AHOLN.EU. Additional information is available on Ahold's home page: http://www.ahold.nl. |
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