Austin, Texas, Whole Foods Market Inc. said Friday it extended the expiration date for its tender offer to purchase Wild Oats Markets Inc. to 5 p.m. on Aug. 15.
As of Aug. 9, a total of 16.64 million common shares of Wild Oats were tendered and not withdrawn, representing about 55.6% of the company's 29.93 million outstanding shares as of July 27.
In February, Whole Foods Market agreed to buy Wild Oats for about $565 million. However, the Federal Trade Commission filed a suit in June to block the proposed acquisition on antitrust grounds, and sought a temporary restraining order and preliminary injunction pending a trial on the merits.
Whole Foods Market and Wild Oats consented to a temporary restraining order pending a hearing on the preliminary injunction, which concluded Aug. 1.
The parties anticipate receiving a ruling from the federal district court in mid-August.