Whole Foods shareholders approve Amazon deal
Source: Sustainable Food News
Shareholders of Whole Foods Market, Inc. on Wednesday morning voted to approve the company's $13.7 billion in cash acquisition by online retail giant Amazon.com Inc.
John Mackey, co-founder and CEO of the Austin, Texas-based organic and natural grocery chain of 465 stores, who stands to gain nearly $9 million in the transaction, will continue to run the company after the deal closes, expected by the end of the year but contingent on the approval of antitrust regulators.
The proposed acquisition, which was first announced in June, would have Amazon paying Whole Foods' shareholders $42 per share.
Whole Foods' stock was trading Wednesday at $41.71 just after the vote. The shares have a 52-week range between $27.67 and $43.84. Whole Foods has a market cap of $13.4 billion.
Seattle-based Amazon (NASDAQ:AMZN), with $136 billion in annual sales, said the deal to acquire the world's largest organic and natural grocery chain for $42 per share, a 27 percent premium on WFM's closing stock price Thursday, includes the net debt of WFM, which has $15.8 billion in annual sales.
Amazon said Austin, Texas-based WFM (NASDAQ:WFM), which was the first national certified-organic grocer, will continue to operate from its headquarters and its stores in North America and Britain will remain under the Whole Foods Market brand.
Under the terms of the deal, WFM would be obligated to pay a $400 million fee if it terminates the merger agreement, according to a securities filing.
Exhibitor Registration Now Open for Organic Grower Summit 2018
Exhibitor booth registration is now open for the Organic Grower Summit (OGS), slated for December 12-13, 2018, in Monterey, California. Organic supply chain partners and service providers are encouraged to sign up for a booth at the second annual OGS, which features two days of information, education, and networking opportunities with organic growers.
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What's the Difference?
Organic fresh produce is one of the most wholesome, healthy foods you can consume.
The word "organic" refers to the way agricultural products are grown and processed.
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Organic Is…
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Opportunity to Connect with Organic Producers at Organic Grower Summit 2017
Booth Registration now Open for Inaugural Organic Grower Summit in Monterey, CA.
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Monterey, CA (March 1st, 2017) — The Organic Produce Network (OPN) and California Certified Organic Farmers (CCOF) are teaming up to host the first-ever Organic Grower Summit (OGS) in Monterey, California on December 13 -14, 2017.
The OGS will bring together the entire organic production chain as well as service and supply partners at one informative event. Organic growers, producers and handlers from fresh produce, dairy, meat and grain sectors will have the opportunity to network and learn with suppliers, service providers, packaging and technology companies, equipment manufacturers and other companies critical to their success.
“CCOF growers look forward to this rare opportunity to network with each other and with other organic sector leaders and innovators,” says CCOF CEO Cathy Calfo, “Growers are key to meeting the demand for organic products and grower-driven events like this summit are important to their success.”
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