WZZM-TV News reports that Meijer management has denied the speculation – first reported by PlanetRetail.net and The Grocer and then repeated here on MNB - that Tesco would acquire 49 percent of the company for $4.5 billion (US).
In a memo sent to company employees, management declared that the “rumors are false” and said that it is “not negotiating with any company for the sale of any part of our company.”
Furthermore, the memo said: "Our family is committed to Meijer's future and to our success. We are excited about our growth plan and are grateful for the great Meijer team members who create the solid foundation of this company."
Tesco has not been commenting on the rumors except to say that it was “purely rumor and speculation.”
In a memo sent to company employees, management declared that the “rumors are false” and said that it is “not negotiating with any company for the sale of any part of our company.”
Furthermore, the memo said: "Our family is committed to Meijer's future and to our success. We are excited about our growth plan and are grateful for the great Meijer team members who create the solid foundation of this company."
Tesco has not been commenting on the rumors except to say that it was “purely rumor and speculation.”
- KC's View:
-
We’ve been in this game long enough to know that just because Tesco and Meijer say it ain’t so does not necessarily mean that it ain’t so. (That’s like a triple negative and lousy sentence structure, but you get our point…)
It could be that the two parties were close to a deal and it fell apart; it also could mean that the two parties are close to a deal but not ready to go public. It could mean a lot of things…but one thing it almost certainly does not mean is that there has been no contact or discussion between Tesco and Meijer.
Speculation like this doesn’t get made up out of whole cloth. It starts somewhere.
We suspect it isn’t even close to ending…
