BOISE, ID - Samuel Zell has entered the Albertsons asset sale race. In order to gain FTC approval for its impending merger with Safeway, the retailer is expected to divest roughly a total of 160 stores. According to the New York Times, Zell, the Chicago real estate titan and Founder and Chairman of Equity Group Investments, is vying with two other major bidders for over 100 of these locations. Capital Management and Comvest Partners are also reported to be in on the race.
While Zell himself has little experience in retail, the group which he is backing also includes retail veteran Stuart Sloan, the former Chairman of Quality Food Centers. At this time, both Sloan and Zell have declined to comment officially on the matter.
While the FTC will have to approve whichever company wins this bidding war, Deborah L. Feinstein, Director of the FTC’s Bureau of Competition, revealed that retailers have the option of receiving feedback on multiple bidders throughout the process.
“We will try to give the parties some guidance on which bidders would or would not be acceptable,” Feinstein explained. “A full vetting occurs only when we are presented with a buyer and a specific proposal.”
So far, no official word has been released regarding the amounts of the bids being offered by Zell, Capital Management, or Comvest Partners, according to the New York Times. When further news does become available, however, you can count on AndNowUKnow to bring you the latest. Stay tuned.
