Whole Foods extends tender offer for Wild Oats after court ruling

By Lisa Kerner

Charlotte, N.C., Aug. 20 - Whole Foods Market, Inc. extended its $18.50-per-share tender offer for Wild Oats Markets, Inc. to 5 p.m. ET on Aug. 27 from Aug. 20.

The extension follows a District of Columbia appeals court order enjoining the merger pending further order. In June, the Federal Trade Commission filed suit to block Whole Foods' acquisition of Wild Oats on antitrust grounds.

"The purpose of the stay order is to give the court sufficient opportunity to consider the merits of the motion for an injunction and should in no way be construed as a ruling on the merits," Whole Foods lead counsel Paul Denis said in a company news release.

"We will file our responsive brief by Wednesday afternoon and the FTC has until noon, ET Thursday, to file their response."

As of Aug. 17, a total of 20,376,834 shares, or 68.1%, of Wild Oats' common stock had been tendered and not withdrawn in the offer.

The companies entered into a merger agreement on Feb. 21, and the tender offer was originally set to expire on March 27. Including the latest extension, the deadline has been pushed back seven times.

Wild Oats is a chain of natural and organic food markets based in Boulder, Colo.

Whole Foods is an Austin, Texas-based natural and organic foods retailer.

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