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Harris Teeter shareholders sue over Kroger deal

By Associated Press
Published On: Jul 18 2013 10:22:46 AM CDT
HT
CHARLOTTE, MECKLENBURG COUNTY -

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 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.