CHARLOTTE, N.C. (AP) – Harris Teeter shareholders have sued to block the purchase of the North Carolina grocery chain by the Kroger Co. of Cincinnati.
The Charlotte Observer reports (http://bit.ly/17nmsp5Published) the lawsuit was filed in Mecklenburg County on Tuesday.
The lawsuit says that Matthews-based Harris Teeter failed to get a high enough premium to its closing price.
Kroger agreed to buy Harris Teeter for $49.38 per share in cash, a 1.8 percent premium to the stock’s closing price the day before.
That price is about 34 percent higher than Harris Teeter’s stock was when rumors of a deal began six months ago.
The attorneys are asking a judge to block the transaction or award shareholders damages and attorneys’ fees.
A spokeswoman for Harris Teeter did not have a comment on the lawsuit early Thursday.
Information from: The Charlotte Observer, http://www.charlotteobserver.com
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