The Great Atlantic & Pacific Tea Company Announces Cash Settlement

Food & Beverage Close-Up,  June 8, 2009  

• E-mail
• Print
• Link

FOOD AND BEVERAGE CLOSE-UP-8 June 2009-The Great Atlantic & Pacific Tea Company Announces Cash Settlement(C)2008 - CloseUpMedia - newsdesk@closeupmedia.com

The Great Atlantic & Pacific Tea Company announced it settled in cash totaling $45.7 million, the 4,657,378 Series A Warrants, issued in connection with the acquisition of Pathmark.

These warrants were exercised by Yucaipa Corporate Initiatives Fund I, L.P., Yucaipa American Alliance Fund I, L.P. and Yucaipa American Alliance Fund I, L.P. on May 7.

Based on many factors including the successful integration of Pathmark, future benefits from synergies, positive business momentum and the continued success of store format roll-outs, the Company has opted to settle these Warrants in cash rather than issuing additional common shares.

A&P is one of the nation's first supermarket chains. The Company operates 447 stores in 8 states and the District of Columbia under the following trade names: A&P, Waldbaum's, Pathmark, Best Cellars, The Food Emporium, Super Foodmart, Super Fresh and Food Basics.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

((Distributed via M2 Communications Ltd - http://www.m2.com))

COPYRIGHT 2009 M2 Communications Ltd.
COPYRIGHT 2008 Gale, Cengage Learning