logo-loader
viewWhole Foods Market Inc

Whole Foods boss John Mackey seems smitten with Amazon, but is he a ‘cheap date’?

Whilst he’s publicly cooing, Mackey’s dowry is surprisingly less than one might imagine for sealing what is set to be America’s biggest grocery transaction.

Amazon Fresh
Mackey is said to get US$8mln from the sale

As investors continue to digest Amazon.com Inc (NASDAQ:AMZN) tectonic US$13.7bn move for Whole Foods, one question being pondered is whether the fresh food grocer’s boss John Mackey is a ‘cheap date’,

“It was truly love at first sight,” is among the comments attributed to Mackey at a ‘town hall’ meeting.

Evidently, Mackey is smitten though he suggests the unexpected tryst with the world’s dominant e-commerce group is more than an online flirtation – at least, that’s one way to interpret his quip that the deal “is not a Tinder relationship”.

“We talked for two-and-a-half hours. I think we coulda talked for 10 hours. And when we huddled together, it was like we just had—we just had these big grins on our faces, like, ‘These guys are amazing,’ ” the Whole Foods chief executive is quoted as saying.

“It’s been a whirlwind courtship. Because, little over six weeks after we met on this blind date, we’re officially engaged,” Mackey said.

“But like an old traditional marriage, where there are all kinds of rules and chaperones, we can’t consummate the marriage until we’re actually officially hooked up … This is not a Tinder relationship.”

Whilst he’s publicly cooing, Mackey’s dowry is surprisingly less than one might imagine for sealing what is set to be America’s biggest grocery transaction.

He will bank around US$8mln from his shares in Whole Foods, according to a report by CNBC, which highlights that Mackey, a founder of the company, had halved his stake in the business in the past five years.

Mackey had been under pressure from hedge fund called Jana Partners and Neuberger Berman, an investment manager, which has criticized the grocer’s recent poor performance and called for the sale of the business.

The offer of US$42 a share represents an 18% premium to Thursday’s Whole Foods closing price.

The company opened its first store in 1980, in Austin, Texas, home to its headquarters and has grown to 431 supermarkets employing over 90,000 in the US, Canada and the UK.

Quick facts: Whole Foods Market Inc

Price: - -

NASDAQ:WFMI
Market: NASDAQ
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Cora Gold active on the ground and 'driving ahead with its ambitious growth...

Cora Gold's (LON:CORA) Bert Monro tells Proactive London's Andrew Scott that given the relatively remote location of its projects they're continuing on with their busy work programmes. He says the big focus for the firm now is taking Sanankoro into development. Monro adds that they're...

4 hours, 53 minutes ago

2 min read