"We expect to continue to gain share and deliver value for our customers and shareholders".
Inc. will pay $42 per share for Whole Foods Market Inc., including debt.
Following the announcement, shares of Whole Foods spiked over 27 percent, while shares of the e-commerce giant rallied 3 percent.
Amazon to purchase Whole Foods for US$13.7 billion
The grocery store chain declined $2.27, or 9.2 percent, to $22.29. "They're doing an awesome job and we want that to continue". The U.S. grocery market is worth $750 billion annually and the average American family visits the grocery store twice a week.
Considering the types of people that companies like Amazon and Whole Foods attract, there are definitely several different reasons this decision was been made by the respective companies' leadership.
Amazon is an innovative company and we are excited about our partnership.
Founded in 1978, Whole Foods has seen its sales slump and in February said it no longer saw the potential for expanding its flagship chain to 1,200 locations, up from about 460 in the United States, Canada and the United Kingdom.
"But these guys just want to sell us because they think they can make forty or fifty percent in a short period of time".
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"They (Amazon) always try to offer the best price, which is good for the customer, but not good for the brand", Motkin said. The other is that it is very likely a disruptive plan. Stocks at major groceries-from Kroger to Target and Costco-fell following the news early Friday morning.
It's also been testing automation technology at a Seattle convenience store that's now open only to Amazon employees. Customers are charged for these products electronically as they take them off of the shelves.
For its part, Whole Foods was able to disrupt the grocery industry with a unique concept. It had co-CEOs. One was pushed out. Well, he might be a bit too busy to read everyone's suggestions for the next few days since Amazon just announced a deal to acquire Whole Foods for close to $14 billion.
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Low: Whole Foods has struggled, and of course one of the big changes they've implemented in the past year is trying to get prices down without sacrificing quality. Investors are used to them not making money. And that results in bigger profits.
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