Whole Foods Market and Wild Oats Markets Announce U.S. District Court Hearing Schedule for FTC Complaint Regarding Merger
12 Junho 2007 - 7:15PM
Business Wire
Whole Foods Market, Inc. (NASDAQ: WFMI) and Wild Oats Markets, Inc.
(NASDAQ: OATS) today announced the U.S. District Court for the
District of Columbia has scheduled a preliminary injunction hearing
to begin on July 31, 2007 and to conclude on August 1, 2007 to
decide whether to approve the U.S. Federal Trade Commission�s (FTC)
application for an injunction to block the proposed merger between
the two companies. Whole Foods Market and Wild Oats Markets have
consented to a temporary restraining order pending the hearing. On
February 21, 2007, Whole Foods Market and Wild Oats Markets entered
into a merger agreement pursuant to which Whole Foods Market
commenced a tender offer to purchase all the outstanding shares of
Wild Oats Markets at a purchase price of $18.50 per share in cash,
plus assumed debt. As previously announced, the FTC provided notice
of its intent to file a complaint in the U.S. District Court for
the District of Columbia seeking to block the proposed acquisition
of shares pursuant to the tender offer. The FTC did file such
complaint with the U.S. District Court for the District of Columbia
on June 7, 2007. Whole Foods Market and Wild Oats Markets plan to
cooperate to challenge the FTC�s opposition to the merger. About
Whole Foods Market Founded in 1980 in Austin, Texas, Whole Foods
Market� is a Fortune 500 company and one of the leading retailers
of natural and organic foods. The Company had sales of $5.6 billion
in fiscal year 2006 and currently has 195 stores in the United
States, Canada and the United Kingdom. About Wild Oats Markets Wild
Oats Markets, Inc. is a nationwide chain of natural and organic
foods markets in the U.S. and Canada. With more than $1.2 billion
in annual sales, Wild Oats currently operates 109 natural food
stores in 23 states and British Columbia, Canada. Wild Oats�
markets include: Wild Oats Marketplace, Henry's Farmers Market, Sun
Harvest and Capers Community Markets. For more information, please
visit the Wild Oats website at www.wildoats.com. Whole Foods Market
Safe Harbor Statement and Securities Law Disclosure The following
constitutes a "Safe Harbor" statement under the Private Securities
Litigation Reform Act of 1995: Except for the historical
information contained herein, the matters discussed in this press
release are forward-looking statements that involve risks and
uncertainties, which could cause Whole Foods Market�s actual
results to differ materially from those described in the forward
looking statements. These risks include but are not limited to
general business conditions, the timely development and opening of
new stores, the impact of competition, and other risks detailed
from time to time in Whole Foods Market's SEC reports, including
the reports on Form 10-K for the fiscal year ended September 24,
2006. Whole Foods Market undertakes no obligation to update
forward-looking statements. Securities Law Disclosure: The
description contained herein is neither an offer to purchase nor a
solicitation of an offer to sell shares of Wild Oats Markets, Inc.
Whole Foods Market, Inc. and WFMI Merger Co. have filed with the
Securities and Exchange Commission a tender offer statement on
Schedule TO and certain amendments thereto, and have mailed an
offer to purchase, forms of letter of transmittal and related
documents to Wild Oats' stockholders. Wild Oats has filed with the
Securities and Exchange Commission, and has mailed to Wild Oats'
stockholders, a solicitation/recommendation statement on Schedule
14D-9 with respect to the tender offer. These documents contain
important information about the tender offer, including the terms
of the tender offer, and stockholders of Wild Oats are urged to
read them carefully. Stockholders of Wild Oats may obtain a free
copy of these documents and other documents filed by Wild Oats or
Whole Foods Market with the Securities and Exchange Commission at
the website maintained by the Securities and Exchange Commission at
http://www.sec.gov or by contacting the information agent for the
tender offer, Georgeson Inc., at (212) 440-9800 or (866) 313-2357
(toll free), or the dealer manager for the tender offer, RBC
Capital Markets Corporation, at (415) 633-8668 or (800) 777-9315
x8668 (toll free). Wild Oats Markets Risk Factors and Uncertainties
This release contains forward-looking statements, as defined in the
Private Securities Litigation Reform Act of 1995, which involve
risks and uncertainties. Such forward-looking statements include:
the number of stores Wild Oats Markets plans to open, remodel and
relocate in the future, and the anticipated performance of such
stores; the amount of capital expenditures required to open or
remodel stores; expected future comparable store sales, revenues
and earnings per share, future financial measures and prospects for
favorable growth and performance, the likelihood of receipt of
regulatory consents to, and the timing of the consummation of the
proposed tender offer and merger, and Wild Oats Markets� ability,
within a reasonable time period, to identify and hire a chief
executive officer with the vision and ability to continue Wild Oats
Markets growth. The statements made by Wild Oats Markets are based
on management�s present expectations, and actual results may differ
from the results indicated or otherwise implied by such
forward-looking statements due to certain risks and uncertainties
including, but not limited to: Wild Oats Markets� ability to
execute, the results of merchandising and marketing programs, the
impact of competition, the pending merger and other factors as are
set forth in Wild Oats Markets� SEC filings, including the Annual
Report on Form 10-K for the fiscal year ended December 30, 2006 and
Wild Oats Markets� quarterly reports on Form 10-Q. These risk
factors may not be an all-inclusive enumeration of the business
risks faced by Wild Oats Markets. Investors should recognize that
the reliability of any projected financial data diminishes the
farther in the future the data is projected. The statements made by
management of Wild Oats Markets and summarized above represent
their views as of the date of this press release, and it should not
be assumed that the statements made herein remain accurate as of
any future date. Wild Oats Markets does not intend to update these
statements and undertakes no duty to any person to effect any such
update under any circumstances.
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