PENNEY’S: ACCORD REACHED WITH FTC ON ECKERD BUY
PLANO, Tex. — J. C. Penney Co. Inc. said it had reached a tentative agreement with Federal regulators to divest an unspecified number of stores to resolve antitrust concerns from its planned $3.3 billion acquisition of the Eckerd Corp.
Penney’s and the Federal Trade Commission agreed about the divestitures just as the waiting period under the Hart-Scott Rodino review expired.
Penney’s intends to proceed with its cash tender offer for 35.3 million Eckerd shares, which is scheduled to expire at 12 midnight (EST) on December 6, 1996.