Report: Company submits bid to buy Harris Teeter
Cerberus Capital Management LP has submitted a bid to purchase Harris Teeter Supermarkets, according to The Wall Street Journal.
The grocery store chain, which has been exploring a potential sale since February, has around 200 stores in the Carolinas and the southeast.
Cerberus bought several grocery chains from Supervalu Inc. earlier this year.
According to the Journal, Cerberus officials envision keeping the Harris Teeter management team and its Matthews, N.C., headquarters intact.
In the Supervalu deal, Cerberus brought in its own leadership team.
It is unclear if Cerberus would buy a major portion of the company or if some of it could still be publicly traded.
Other companies could still place a bid, and it’s possible Cerberus and Harris Teeter may not agree on a price.
An acquisition of Harris Teeter would be somewhat of a departure for Cerberus, which has typically sought far more distressed companies.
More at: The Wall Street Journal