Featured Post

Latest Gold News

Fed doves supporting gold Stronger rand crushing South African miners Economic power could shift further East with Hong Kong gold exch...

Tuesday, December 20, 2011

Winn-Dixie (WINN) Jumps on TakeOver Bid

Shares of Winn-Dixie Stores Inc. (NASDAQ:WINN) skyrocketed on Monday on news of a $560 million bid from competitor Bi-Lo LLC.

The deal was approved by the board of Winn-Dixie, and is expected to close within 60 to 120 days. The bid equals $9.50 a share.

According to BI-Lo Chairman Randall Onstead, there are no overlap of stores, which should allow for a smooth and unhindered transition of the deal, and also should result in all stores being kept open.

This would make the combined company the 9th-largest in the U.S. Assuming the deal goes forward, Winn-Dixie will be taken private.

Winn-Dixie Stores Inc. ended the session up $3.81, closing at $9.24, gaining 70.17 percent.

No comments: