WASHINGTON, Aug. 24 (UPI) -- A U.S. appeals court in Washington has cleared the way for Whole Foods and Wild Oats to join in a $565 million merger.
The court rejected a move by the Federal Trade Commission to block the deal between the two largest U.S. sellers of organic and natural foods Thursday on grounds it would dilute competition and raise prices and stood behind U.S. District Judge Paul L. Friedman’s decision to stay out of the matter, The Washington Post reported Friday.
The three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit, in a brief ruling, agreed that the FTC "raised some questions" about the deal but failed to prove that Friedman's decision was flawed.
John Mackey, the Whole Foods chief executive, said his company had “cleared what we expect to be our last legal hurdle.”
The company's tender offer for Wild Oats expires at 5 p.m. Monday but the transaction could close as early as Friday, reports say.
