Whole Foods Market Inc and Wild Oats Markets Inc are now legally cleared to proceed with their merger. The United States Court of Appeals for the District of Columbia has denied the Federal Trade Commission's request for a stay to preclude the closing of the merger pending the FTC's appeal. The court has dissolved the Aug 20, 2007, administrative injunction that had prevented the transaction from going forward while the court considered the FTC's motion.
“We are pleased to have cleared what we expect to be our last legal hurdle,” said John Mackey, chairman, chief executive officer, and co-founder of Whole Foods.
Whole Foods' tender offer to purchase outstanding shares of common stock of Wild Oats expired Aug 27, 2007, at 5 pm Eastern time.