Dive Brief:
- No new suitors have emerged to take control of Fresh & Easy Neighborhood Market, the retail chain that Tesco plans to sell. Tesco canceled a proposed auction when no bidders registered.
- The cancelation of the auction clears a hurdle for for Yucaipa Cos. to move ahead with its proposal to buy 150 of the Fresh & Easy stores, plus a production facility in Riverside, Calif.
- But the deal is not yet assured. The companies are expected to seek approval of the sale Friday from a bankruptcy court. But some parties, particularly landords of store properties, have filed objections.
Dive Insight:
No one really expected a bidder to arrive at the last minute and engage in battle with Yucaipa, but that doesn't mean we're not disappointed. We enjoy a takeover battle. And it seems like it's been a very long time since we've seen one in the supermarket space.