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A&P Completes $665M Buyout Of Pathmark
New York: The Great Atlantic & Pacific Tea Co. Inc. has completed its $665 million purchase of rival supermarket operator Pathmark Stores Inc. days after antitrust regulators cleared the deal with conditions. Pathmark shareholders will receive $9 in cash and 0.13 shares of A&P stock for each share owned.
The combined company will have about 450 stores in the Northeast with sales of $9.4 billion. A&P operates stores under the A&P, Super Fresh, Food Emporium and Waldbaum's names.
A&P agreed last week to sell six supermarkets in Long Island, N.Y. and the New York City borough of Staten Island as a condition of receiving the Federal Trade Commission's approval of the deal.