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Safeway, Inc.'s Leveraged Buyout (A)
內容大綱
After years of deteriorating financial performance and eroding market position, Safeway, Inc., the largest public grocery store chain in the United States, found itself the target of a hostile takeover offer. Management decided to take the company private in a $4.3 billion leveraged buyout sponsored by Kohlberg Kravis and Roberts. This case begins with the controversy surrounding Safeway's sale of its Dallas division as a result of the LBO and retraces the events leading up to the LBO. Continues with a discussion of the challenges facing management in restructuring the company--including the renegotiation of uncompetitive labor contracts and the intense pressure from the capital markets (through hostile takeover offers) to relinquish control of the company.