Whole Foods shareholders vote in approval of Amazon deal | Touch Latest Local,World,Tech,Entertainment,Health,Sport News
18 February 2018 00:00:00 AM Breaking News

• WORLD

Whole Foods shareholders vote in approval of Amazon deal

  • Whole Foods shareholders approved a merger with Amazon.
  • Now, completion of the transaction is subject to regulatory approvals and other customary closing conditions.
  • The deal is expected to close before the end of 2017, according to Amazon.

Whole Foods shareholders have at last voted to advance Amazon's acquisition of the grocery chain, moving the proposal one step closer to reality.

Gathered at Whole Food's headquarters in Austin, Texas, the retailer's shareholders approved a merger with the internet giant on Wednesday morning. Amazon shareholders don't need to sign off on the deal.

Now, completion of the transaction is subject to regulatory approvals and other customary closing conditions. Whole Foods and Amazon are preparing to seal their $13.7 billion deal, which would also mark the biggest retail deal of 2017.

The parties expect to finalize the merger during the second half of 2017. Though, a source familiar with the matter has told CNBC the deal could happen sooner rather than later.

Among many things, this deal will provide Amazon a much more extensive real estate footprint.

Meantime, some analysts and investors worry the deal could upend the landscape for grocers, food delivery services and meal-kit companies. Evidence of this is already playing out with Blue Apron, whose stock has tumbled following an initial public offering earlier this summer.

The Amazon-Whole Foods deal must still be approved by U.S. antitrust enforcers, most likely the Federal Trade Commission.

Prior to its talks with Amazon, Whole Foods was taking a beating by the Street as its sales slumped and competition in the food-retail marketplace was only intensifying.

Amazon offered to buy the company for $42 per share, which represented a 27 percent premium at the time of the announcement back in June.

—Adesanoye Adeleye BennySwag contributed to this reporting.

Recommended

Loading...

Related Posts

Death toll from Juba-Bor road attack rises to 30

A truck overturned on the road where the incident occurred at about 150km from J

Read More

Famous People Born In June

Sociability, humorousness and talkativeness are the common characteristics of

Read More

South Africa’s Zuma accepts resignation of judge over racial comments

President Jacob Zuma has accepted the resignation of Justice Mabel Jansen who ha

Read More

From Sheryl Sandberg To Beyonce: The 60 Richest, Most Successful Self-Made Women In America

orbes’ second annual definitive tally of America’s wealthiest, mos

Read More

Trump Warns North Korea Against More Provocations

U.S. President Donald Trump has renewed threats to take "care of" the North

Read More

Don't test the strength and resolve of Donald Trump or our military forces- Mike pence warns N.Korea

U.S Vice President Mike Pence has warned North Korea to be careful withhow they

Read More

Missile Wars: Where North Korea stands after ICBM launch

TOKYO — North Korean leader Kim Jong Un is on the cusp of having somethin

Read More

20 dead as boat capsizes in Senegal

20 dead as boat capsizes in Senegal . DAKAR, Senegal: At least 20 peopl

Read More

Malala Yousafzai has been made a Canadian citizen

Pakistani activist, Malala Yousafzai was today given honorary Canadian citizensh

Read More

Femi Gbajabiamila secures freedom for 40 Kirikiri inmates on birthday

As Muslims commemorated Eid-El-Fitr on Sunday, 40 inmates of the Kirikiri medium

Read More

Also Read

You're the definition of a backbone – Sound Sultan celebrates wife's birthday

Today, Nigerian singer Sound Sultans wife Farida is a year older. Hecelebrate he

Read More

Celebrity couple dismiss breakup rumour.

Few weeks back several sites were running with the story that lovebirds, Tekno a

Read More

Suspected herdsmen beat farmer, gang-rape wife in Edo

Gun-wielding hoodlums suspected to be herdsmen have allegedly beaten up a farm

Read More

Buhari: How darkness President brought is affecting Nigeria’s glory – Fani-Kayode‎ claims

Former Aviation Minister, Femi Fani-Kayode, on Monday morning accused President

Read More

26 Signs You’re In A Healthy Relationship.

A long term relationship is unlike any other relationship that you have with you

Read More

Renegade general Cirillo says ready to enter South Sudan’s civil war

A renegade general said he was weighing launching his new rebel force into South

Read More

UN rights chief to visit Ethiopia after deadly protests

The United Nations says the UN human rights chief will visit Ethiopia in May, at

Read More

Spain asks Catalonia: Did you declare independence or not?

Spain's Prime Minister Mariano Rajoy following a crisis cabinet meeting in Madri

Read More

Ugandan workers to lose jobs as Cane shortage hikes Sugar prices

Sugar producers in Uganda have blamed the sharp increase in the prices of the co

Read More

Parents praise their 'little adventurer' as boy, 4, dies in tragic accident on holiday in Egypt

Tributes have been paid to a four-year-old boy who died while on a family ho

Read More