King County court delays hearing on Albertsons' $4B shareholder payout
The fate of Albertsons Cos. Inc.'s (NYSE: ACI) planned $4 billion dividend payment to shareholders remains up in the air.
On Wednesday, the grocery giant announced King County Superior Court had again delayed a hearing for state Attorney General Bob Ferguson's lawsuit to block the payment. The hearing is now set for Dec. 9, continuing a temporary restraining order on the payout, which was granted earlier this month.
"Albertsons Cos. continues to believe that the claim brought by the State of Washington is meritless and provides no legal basis for canceling or postponing a dividend that has been duly and unanimously approved by Albertsons Cos.' fully informed Board of Directors," the company said in a news release.
The delay comes as state and federal authorities review the grocery chain's $25 billion sale to Cincinnati-based Kroger Co. (NYSE: KR), which has sparked antitrust concerns since it was announced in mid-October. Statewide, Kroger operates 114 Fred Meyer and QFC stores. Boise, Idaho-based Albertsons owns 216 Safeway and Albertsons stores in Washington. Nationwide, Walmart is the only grocery chain with a higher market share, according to data and consumer insights provider Numerator.
https://www.bizjournals.com/seattle/news/2022/11/17/albertsons-dividend-delayed.html