A&P, Pathmark extend timing agreement

MONTVALE, N.J. A&P and Pathmark Stores Inc. announced Thursday that they have entered into an agreement with the Federal Trade Commission pursuant to which they agree to provide the FTC notice of their intention to consummate A&P's acquisition of Pathmark at least two weeks prior to closing such transaction. A&P and Pathmark further agreed to give such notice to the FTC no sooner than Oct. 5.

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 (the "HSR Act"), 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. A&P announced on Aug. 8 that on Aug. 7 A&P and Pathmark had entered into an agreement with the FTC providing that, subject to certain conditions, A&P and Pathmark would not consummate A&P's acquisition of Pathmark prior to 11:59 p.m. on Sept. 25.