Whole Foods Market, Inc. (NASDAQ: WFM) is halted early on this morning, and for good reason. An announcement recently came out that Amazon (AMZN) would be taking the company over. Of course, our partners at Trade Ideas were the first to alert us to the halt. At the moment, WFM is halted at $33.06 per share after no gain.
AMZN To Buy WFM
As mentioned above, Whole Foods Market is halted early on this morning after news broke that the company would be acquired. Various publications are reporting that AMZN and WFM have signed a definitive merger agreement. Under this agreement Amazon will be paying $42 per share in an all-cash transaction that comes to a total of $13.7 billion. This figure includes debt owed by WFM. In a statement, Jeff Bezos, founder and CEO at AMZN, had the following to offer...
“Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy... Whole Foods Market has been satisfying, delighting and nourishing customers for nearly four decades – they're doing an amazing job and we want that to continue.”
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on AMZN and WFM. In particular, we're interested in watching this acquisition as it is still subject to customary closing conditions. Nonetheless, we'll continue to follow the story closely and bring the news to you as it breaks!
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