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Richfood buying Dart
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April 9, 1998: 12:34 p.m. ET
Richmond food distributor paying $207 million cash for grocery chain
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NEW YORK (CNNfn) - Richfood Holdings Inc. has agreed to buy Dart Group Corp., a retail and supermarket holding company, for $207 million cash, or $160 a share, the companies said Thursday.
Following completion of the tender offer, Dart will become a wholly owned subsidiary of Richfood.
The buyout has been approved by Dart directors but still requires regulatory approval.
"We are very pleased to have achieved this transaction, which we believe to be in the best interests of our shareholders," Dart Chairman Richard B. Stone said.
Richfood, a wholesale food distributor based in Richmond, Va., recently acquired Farm Fresh Inc., a grocery chain, as part of a program of "leveraging its strategic position in the Mid-Atlantic market," the company said.
Dart, based in Landover, Md., operates Dart's Shoppers Food Warehouse in the Washington area and several smaller retail chains.
Dart stock (DART) was up 21 at 161 in mid-session trading Thursday, while Richfood stock (RFH) was up 1-3/16 at 29. 
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Richfood Holdings
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