The Fresh Market Is Now A Buy As A Strategic Review Commences
Alpha Gen Capital
Alpha Gen Capital
The Fresh Market - Chickens Come Home To Roost
Fri, Apr. 22, 9:10 AM
- The tender offer expired at midnight, with a total of 32.1M shares, or about 68.2% of the float, offered at a price of $28.50 each.
- Funds affiliated with Apollo (NYSE:APO) will thus take The Fresh Market (NASDAQ:TFM) private.
- Source: Press Release
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Mon, Mar. 14, 7:43 AM
- Shares of The Fresh Market (NASDAQ:TFM) soar in early trading after the company agrees to a cash tender offer from P-E firm Apollo Global Management (NYSE:APO).
- The P-E firm will pay $28.50 per share for the grocery store chain for a deal price of $1.36B.
- Under the terms of the deal, The Fresh Market has 21 days to solicit other offers, putting Kroger (NYSE:KR) on a short clock.
- Previously: Reuters: Apollo nears deal to acquire The Fresh Market (Mar. 13 2016)
- TFM +22.93% premarket to $28.25.
Sun, Mar. 13, 5:37 AM
- Private equity firm Apollo Global Management (NYSE:APO) is nearing a deal to acquire The Fresh Market Inc (NASDAQ:TFM) for $28.50 per share in cash, or more than $1.3B, in a move that could derail bids from Kroger (NYSE:KR), KKR, and TPG Capital.
- Sources told Reuters that an agreement could be announced as early as Monday, but cautioned that a deal had not yet been finalized and was still possible to be amended or fall apart at the last minute.
Fri, Feb. 12, 9:26 AM
- Stifel Nicolaus sets its sights on the grocery store sector after yesterday's dramatic report of Kroger's (NYSE:KR) interest in a buyout of The Fresh Market (NASDAQ:TFM).
- The investment firm gives Kroger a Buy rating and $45 price target after digesting the consolidation potential. Kroger's M&A spree over the last few years already includes Roundy's, Vitacost, and Harris Teeter - although management has been credited with successful integration strategies.
- Investors have been rewarded from Kroger's growth push with shares of the grocery store chain outperforming the S&P 500 Index by a wide margin (+215% vs. +36% over 5 years).
- Sprouts Farmers Market (NASDAQ:SFM) is also given a Buy rating from Stifel and assigned a PT of $27.
- Previously: The Fresh Market closes +22% on buyout spike, more room to run? (Feb. 11 2016)
- SFM +2.1% premarket to $22.55 vs. a 52-week range of $16.41 to $38.45.
- TFM +1.81% premarket to $23.09 vs. a 52-week range of $17.81 to $42.09.
- WFM +1.90% premarket to $29.48 vs. a 52-week range of $28.07 to $57.57.
- KR +1.95% premarket to $37.14 vs. a 52-week range of $27.32 to $42.75.
Thu, Feb. 11, 4:11 PM
- Shares of The Fresh Market (NASDAQ:TFM) accelerated into the close to end the day with a tidy 22% gain with Kroger reportedly bidding for the chain.
- Morgan Stanley thinks there could be some upside left as the bidding and strategic actions plays out, calling out a $30 deal price in a fresh note.
- Kroger (NYSE:KR) ended the day down a mild 1.1%, with some traders uneasy over the potential M&A play. If Kroger does win the bidding for TFM, it plugs a nice gap the grocery store operator has in the Northeast.
- Kroger's supermarket map (via Dow Jones' Kevin Kingsbury)
- Previously: Reuters: Kroger seek buyout of The Fresh Market (Feb. 11)
- Previously: Grocery store stocks buzzing off of consolidation talk (Feb. 11)
- Previously: The Fresh Market +13% with Kroger and others in bidding process (Feb. 11)
Thu, Feb. 11, 1:59 PM
Oct. 20, 2015, 8:38 AM
- The Fresh Market (NASDAQ:TFM) resumes trading after announcing it will start a strategic review.
- Shares are up 2.43% premarket to $27.77 in early trades. Some traders think that The Fresh Market already has a healthy M&A premium baked into share price.
- An interest question on The Fresh Market is what public company might take a look at an acquisition. In the past, Kroger (NYSE:KR) has been thrown out as a grocery store operator that could drive some synergies. SA users may have their own ideas in the comment stream.
- Previously: The Fresh Market halted (Oct. 20 2015)
- Previously: The Fresh Market to conduct strategic review (Oct. 20 2015)
May 14, 2015, 9:47 PM
- Consolidation in the grocery industry could pick up even more, observes Supermarket News.
- A large merger between Albertsons and Safeway (NYSE:SWY) has been followed by talks between Delhaize (NYSE:DEG) and Ahold (OTCQX:AHONY).
- The increased push by Wal-Mart and Target in the sector has added pressure to leverage store growth through M&A.
- "There is mounting pressure in the supermarket industry to consolidate operations to drive better purchasing power and leverage distribution and technology platforms," notes Wolfe Research.
- Kroger (NYSE:KR) is seen as a likely candidate to look for a chain to acquire.
- Previously: Ahold, Delhaize confirm merger talks (May 12)
- Grocery stocks: RNDY, SVU, VLGEA, WFM, CASY, IMKTA, OTCPK:PUSH, TFM, SFM, WMK.
The Fresh Market, Inc. provides grocery stores. Its perishable product category include meat, seafood, produce, deli, bakery, floral, sushi and prepared foods; and non perishable product category consists of traditional grocery, frozen and dairy products as well as bulk, coffee and candy, beer... More
Industry: Grocery Stores
Country: United States