Royal Ahold to Acquire the Rest of Peapod
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Peapod Inc. shares surged after Dutch supermarket giant Royal Ahold announced plans to buy the rest of the online grocer for $2.15 a share, or $35 million in cash. Royal Ahold already holds a 42% stake in the online grocer.
Peapod says it’s making money in some markets and is on track for overall profitability in 2003. The company delivers groceries in metropolitan Chicago; Boston; southern Connecticut; Long Island, N.Y.; and Washington, D.C.
Shares of Skokie, Ill.-based Peapod rose 86 cents to $2.11 on Nasdaq.
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