A&P, Pathmark agree to delay merger

MONTVALE, N.J. The Great Atlantic & Pacific Tea Co. announced that on Aug. 7, A&P and Pathmark Stores Inc. entered into an agreement with the Federal Trade Commission providing that, subject to certain conditions, A&P and Pathmark will not consummate A&P's acquisition of Pathmark prior to the end of day, Sept. 25.

As previously disclosed, both Tengelmann (A&P's majority shareholder) and Pathmark received Second Requests from the FTC on April 18, and subsequently entered into a timing agreement with the FTC. The issuance of the Second Requests effectively extended the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, during which A&P and Pathmark may not consummate the proposed acquisition. Under the timing agreement, A&P and Pathmark agreed, subject to certain conditions, that they would not consummate A&P's acquisition of Pathmark for at least 60 days following the date that A&P and Pathmark substantially comply with the Second Requests. A&P and Pathmark announced on July 16 that both parties had submitted certificates of substantial compliance to the FTC on July 13.