Following years of an on-again, off-again relationship between grocery giant Albertsons and an initial public offering (IPO) that would value the company at between $1.5 and $2 billion, the company announced it has officially withdrawn its bid.
Speculation had been surrounding a potential IPO for Albertsons since early 2015, with the company initially filing documents that would suggest plans to earn around $100 million through the deal. Albertsons announced, then withdrew IPO plans several times over the past several years, but our most recent update suggested that the company would postpone the deal temporarily in the midst of the attention grabbing Amazon-Whole Foods deal. The offering would have been listed on the New York Stock Exchange as ABS, and was bookran by Goldman Sachs, BofA Merrill Lynch, Citi, Morgan Stanley, Deutsche Bank, Credit Suisse, and Barclays.
In an article on MarketWatch, the source suggests that Albertsons withdrew its plans for the offering due to the retailer’s deal with Rite Aid for a merger. There has yet to be official comment from Albertsons on the company’s press website as of yesterday.
Where will Albertsons’ growth plan take it next? Deli Market News will keep our eyes on the horizon.