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BOISE, Idaho — Albertsons Cos. has withdrawn its plan for an initial public offering.
In its filing with the Securities and Exchange Commission, Albertsons noted that the registration statement for the offering was originally filed by the company on July 8, 2015, and was most recently amended on November 8, 2017.
Albertsons said in its filing that it had decided not to pursue the initial public offering because of its plan to merge with Rite Aid Corp.
That deal, announced in February, has cleared a key regulatory hurdle. Rite Aid announced late last month that the waiting period required for the deal under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the HSR Act) has expired.
The law requires that mergers cannot move ahead before the completion of a waiting period designed to give the Federal Trade Commission and the Department of Justice time to investigate and sign off on the transaction.
“The expiration of the HSR waiting period is an important step toward completing the proposed transaction with Albertsons, which will create a truly differentiated leader in food, health and wellness to meet the evolving needs of customers,” commented Rite Aid chairman and chief executive officer John Standley. “We remain focused on combining our two organizations to drive growth, profitability and long-term shareholder value.”
The deal remains subject to other customary closing conditions, including the approval of Rite Aid stockholders.
