The King County Superior Court has blocked Albertsons' $4 billion shareholder payout as part of their planned merger with Kroger. FOX13
filed a lawsuit Tuesday to block the "special dividend," which he argued exceeds Albertsons cash on hand. Ferguson said Securities & Exchanges Commission data shows Albertsons only has $2.5 billion on hand, and would borrow money to provide the full payout.
Ferguson argued this would undercut Albertsons' ability to compete while government regulators scrutinize the merger.Ferguson and a bipartisan group of attorneys general previously urged the grocery giant to"Paying out $4 billion before regulators can do their job and review the proposed merger will weaken Albertsons’ ability to continue business operations and compete," said Ferguson when he filed the lawsuit earlier this week.
of potential store closures, mass layoffs, and even "food deserts" around the state. Sen. Maria Cantwell and Patty Murray, D-WA, say there is precedent for their concerns, citing the 2015 Albertsons-Safeway merger, which led to closures, layoffs, and the sale of stores to another company which went bankrupt.
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