200 years of tradition
Extraordinary Cheese Plates Begin With Extraordinary Cheese
Cerberus Bids on Harris Teeter

Cerberus Bids on Harris Teeter


A person familiar with the matter has recently shared that Cerberus Capital Management LP (CCM) has made a bid for Harris Teeter Supermarkets Inc. CCM is considering a structure in which part of the East Coast grocery chain would remain publicly traded according to the Wall Street Journal.
After having acquired several grocery chains from Supervalu Inc. earlier this year, Cerberus shifted its attention to Harris Teeter which has shown interest in a potential sale for several years. With a market capitalization of roughly $2.3 billion, Cerberus is not yet certain whether it will attempt to buy the entirety of Harris Teeter or leave a portion available to public shareholders.
It is still possible, however, that other bidders will become involved as shares rose more than 2% to $47.02 on Wednesday. According to the source, CCM envisions keeping the Harris Teeter management team and its North Carolina headquarters intact, unlike Supervalu where it brought its own leadership team.

Wall Street Journal Reports

Topics: