Albertsons Companies Updates on the Legal Proceedings Related to Special Dividend
Washington State Supreme Court Sets to Hear Appeal on February 9, 20,23
U.S. Circuit Court for the District of Columbia Denies a Motion by Attorneys General for an injunction Pending Appeal
BOISE, Idaho, December 21, 20,22–(BUSINESS WIRE)–Albertsons Companies, Inc. (NYSE: ACI) (“Albertsons Cos.” or “the Company”) announced that on December 19, 2022, the State of Washington Supreme Court set a date for the review of the temporary restraining order (“TRO”) against the Company’s previously announced $6.85 per common share Special Dividend (the “Special Dividend”). The Washington Supreme Court sitting en bancThe appeal by the Attorney General for the State of Washington will be reviewed by the Court on February 9, 2023. Until a new order is issued by Washington Supreme Court, the TRO will continue to be in effect. Albertsons Cos. has filed a motion to further expedite the Washington Supreme Court’s en banc review.
The Company also announced that the U.S. Circuit Court for the District of Columbia rejected the motion by the California and Illinois Attorneys General for an interim injunction and an administrative stop to the payment of the Special Dividend. The U.S. District Court for the District of Columbia denied the requests of the California and Illinois Attorneys General for a temporary order against the payment of the special dividend.
Albertsons Cos. insists that both the claim by the Attorney General of Washington and the similar lawsuit by the Attorneys General of California and Illinois are meritless and do not provide any legal basis to stop the payment of Special Dividend. Albertsons’ position has been supported by favorable rulings in both Circuit and District courts in the District of Columbia and a Washington State court.
Albertsons Cos.’ proposed merger with The Kroger Co. is continuing through required regulatory review, including seeking clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Forward-Looking Statements
This press release contains “forward-looking statements” as defined by the federal securities laws. “Forward-looking statements” are our current expectations and projections concerning the Special Dividend and its payment. These statements include statements that the Company considers reasonable at the time. Forward-looking statements can be identified by words like “outlook”, “should”, “could,” and “could,” as well as other expressions such “could”, “predicts,” and “potential,” which are all intended to identify forward looking statements.
These statements cannot be regarded as guarantees of future performance. There are many uncertainties and risks that we can’t predict. This could lead to actual results being different from the ones implied by these statements.
These cautionary statements, risk factors, and all forward-looking statements that are attributed to us or anyone acting on our behalf are fully qualified. This press release contains forward-looking statements that reflect our views as of the date it was issued. We are not required to revise forward-looking statements except as required by law.
You should carefully evaluate forward-looking statements and consider the uncertainties and risks detailed in the “Risk Factors section” or in other sections of the reports filed with SEC.
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