Bi-Lo buying Winn-Dixie for $560M
Published: December 19,2011
ACROSS MISSISSIPPI — The supermarket chain Winn-Dixie is being sold for $560 million to Bi-Lo LLC, the companies said today, creating a large grocery operator in the South.
The combined company will have about 690 stores and 63,000 workers in eight states in the southern U.S. Winn-Dixie Stores Inc. will become a privately held subsidiary and its ticker will be removed from the Nasdaq.
Each Winn-Dixie stockholder gets $9.50 per share in cash, a 75 percent premium to the Jacksonville, Fla., company’s Friday closing stock price.
Bi-Lo, based in Greenville, S.C., runs 207 supermarkets in North Carolina, South Carolina, Georgia and Tennessee.
Winn-Dixie runs about 480 grocery stores, including approximately 380 in-store pharmacies, in Florida, Alabama, Louisiana, Georgia and Mississippi. It has about 46,000 employees.
The companies said today that no store closings are expected and the name Winn-Dixie will remain because of its strong brand recognition in the South.
“With no overlap in our markets, the combined company will have a perfect geographic fit that will create a stronger platform from which to provide our customers great products at a great value, while continuing to offer exceptional service,” said Bi-Lo Chairman Randall Onstead.
The acquisition is not subject to any financing conditions.
Winn-Dixie’s board has unanimously approved the deal, which is expected to close in the next 60 to 120 days.
The management structure and headquarters location have yet to be determined, but the companies anticipate keeping locations in both Greenville and Jacksonville.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Canadian company purchasing Southern Lumber for nearly $50M
- Winchester lands $50M ammunition contract from Homeland Security
- Lawmakers question education leaders about escalating administrative costs
- Deer processors need to use caution to insure safe, tasty venison
- Peavey Electronics reorganizing under new globalization plan
- Pearl ordering rental properties to retrofit with sprinklers, build storm shelters
- C Spire completes acquisition of MegaGate Broadband
- Columbia Parachute expanding, relocating to BusinessPlex
- Tourism conference being held on Coast; industry to ask state for more money