Kroger Co. rejected two buyout proposals by...
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Kroger Co. rejected two buyout proposals by Kohlberg Kravis Roberts & Co. and reaffirmed its intent to go ahead with a $4.6-billion corporate restructuring plan. The move prompted the firing of 300 headquarters employees. Cincinnati-based Kroger’s board decided that the restructuring is preferable to selling the company because it gives shareholders immediate cash dividends along with equity in a continuing company. Kohlberg offered $5.03 billion, or $64 per share, sweetened from a $58.50-per-share pitch KKR made last month.
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