Amazon announced it would be buying Whole Foods for $42 a share on Friday, and Whole Foods’ competitors started tanking after the announcement.
Amazon decided to buy the popular grocery store for $13.7 billion, a 27% premium to the company’s share price.
Amazon gained after the announcement – up 7.36% in premarket trading.
“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.
More Info: markets.businessinsider.com