Whole Foods Extends Tender for Wild Oats
Austin, Texas, Whole Foods Market Inc. said Friday it extended the expiration date for its tender offer to purchase Wild Oats Markets Inc. to 5 p.m. on Aug. 15.
As of Aug. 9, a total of 16.64 million common shares of Wild Oats were tendered and not withdrawn, representing about 55.6% of the company's 29.93 million outstanding shares as of July 27.
In February, Whole Foods Market agreed to buy Wild Oats for about $565 million. However, the Federal Trade Commission filed a suit in June to block the proposed acquisition on antitrust grounds, and sought a temporary restraining order and preliminary injunction pending a trial on the merits.
Whole Foods Market and Wild Oats consented to a temporary restraining order pending a hearing on the preliminary injunction, which concluded Aug. 1.
The parties anticipate receiving a ruling from the federal district court in mid-August.