Albertson's, Inc. Completes American Stores Merger.BOISE, Idaho--(BUSINESS WIRE)--June 24, 1999-- Albertson's, Inc. (NYSE NYSE See: New York Stock Exchange :ABS) announced today that it has completed the merger of American Stores American Stores was the name of a United States chain of supermarkets. It was formed in 1917 when Acme Markets merged with four other Philadelphia area grocery chains into American Stores. American Stores would grow to 1,700 stores in 40 states with $15 billion in sales. Company. American Stores Company has been merged with a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Albertson's effective June 23, 1999. Under terms of the agreement, stockholders of American Stores Company will receive 0.63 share of Albertson's Common Stock for each share of American Stores Company Common Stock they own. The transaction is intended to be accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . Albertson's is the second largest retail food and drug operator in the United States. Based in Boise, Idaho, the Company currently operates over 2,400 retail stores in 38 states across the United States. |
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