Amazon announced it would be buying Whole Foods for $US42 a share on Friday, and Whole Foods’ competitors started tanking after the announcement.
Amazon decided to buy the popular grocery store for $US13.7 billion, a 27% premium to the company’s share price.
- Walmart (WMT): Down 5.74% to $US74.38
- Costco (COST): Down 7.46% to $US166.63
- Kroger (KR): Down 11.16% to $US21.90
- Target (TGT): Down 7.77% to $US51.15
“Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy,” Jeff Bezos, Amazon CEO said in a statement.