Safeway Adopts Poison Pill After Big Stock Buys - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Safeway Adopts Poison Pill After Big Stock Buys

Posted: Updated:

NEW YORK (AP) - Safeway is adopting a plan to prevent a hostile takeover after learning of a significant accumulation of its stock.
    
The announcement Tuesday sent shares of the grocer spiking to an all-time high.
    
So-called "poison pill" plans allow existing shareholders to acquire more stock at a discounted rate to discourage a takeover by an outside entity.
    
Safeway's defensive plan becomes exercisable if a person or group acquires 10 percent or more of the company's common stock, or 15 percent by an institutional investor.
    
Safeway, which also operates Vons, noted that it has taken a number of strategic initiatives to increase value for shareholders, including the recent sale of its Canadian unit.
    
Shares of Safeway Inc., based in Pleasanton, Calif., jumped almost 8 percent to $30.26.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • Top Stories from KHQTop StoriesMore>>

  • Bar Bouncer Shot, Says Suspects Were There To Make Trouble

    Bar Bouncer Shot, Says Suspects Were There To Make Trouble

    Thursday, April 24 2014 6:37 PM EDT2014-04-24 22:37:44 GMT
    SPOKANE, Wash. - KHQ's Dylan Wohlenhaus spoke with the 44-year-old bouncer Todd Stone. Stone says that he's worked at Lions Lair bar for two and a half years and has never had a "bruise" or a "scratch" from dealing with unruly patrons in his time working there. Thursday morning was different he says. More >>
    SPOKANE, Wash. - KHQ's Dylan Wohlenhaus spoke with the 44-year-old bouncer Todd Stone. Stone says that he's worked at Lions Lair bar for two and a half years and has never had a "bruise" or a "scratch" from dealing with unruly patrons in his time working there. Thursday morning was different he says. More >>
  • WA State Loses $40 Million In Education Funds For Failing To Meet A Federal Government Requirement

    WA State Loses $40 Million In Education Funds For Failing To Meet A Federal Government Requirement

    Thursday, April 24 2014 5:57 PM EDT2014-04-24 21:57:33 GMT
    SEATTLE (AP) - Washington state has lost its education accountability waiver from the federal government. State education officials say they received an email on Thursday saying they were losing the waiver because the state did not meet the U.S. Department of Education's requirement to include statewide student test results in teacher evaluations.More >>
    SEATTLE (AP) - Washington state has lost its education accountability waiver from the federal government. State education officials say they received an email on Thursday saying they were losing the waiver because the state did not meet the U.S. Department of Education's requirement to include statewide student test results in teacher evaluations.
    More >>
  • Need A Laugh? Watch This Video...It's Definitely Not What You Expect

    Need A Laugh? Watch This Video...It's Definitely Not What You Expect

    Thursday, April 24 2014 5:08 PM EDT2014-04-24 21:08:00 GMT
    KHQ.COM - To help get you to Friday we thought you might need a laugh today. Watch this video and share with your friends if you get surprised. It's definitely not what you expect.More >>
    KHQ.COM - To help get you to Friday we thought you might need a laugh today. Watch this video and share with your friends if you get surprised. It's definitely not what you expect.More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KHQ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.