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Home>Blue Apron gains after Albertsons agrees to buy meal-kit rival

Blue Apron gains after Albertsons agrees to buy meal-kit rival

Blue Apron gains after Albertsons agrees to buy meal-kit rival

09/21/2017

Blue Apron Holdings Inc. (APRN) shares gained Wednesday afternoon after grocer Albertsons Co. announced that it had bought a rival meal-kit service called Plated. Albertsons, a private company that owns grocery-store chains including its namesake, Safeway and Vons, did not disclose the price paid for Plated. Plated offers meal kits through the mail, like Blue Apron, but will now make that company's offerings available in some of its 2,300-plus grocery stores nationwide. Blue Apron shares gained more than 3% to $5.40 in late trading, after falling 5.5% in the regular session to $5.22. Shares have fallen by as much as 50% from the $10 price commanded in its July initial public offering (http://www.marketwatch.com/story/blue-apron-5-things-to-know-as-the-2-billion-startup-goes-public-2017-06-02), amid concerns about competition from the likes of Amazon.com Inc (http://www.marketwatch.com/story/investors-worst-fears-about-blue-apron-may-be-coming-true-as-amazon-moves-to-meal-kits-2017-07-17).(AMZN)

-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

09-20-17 1645ET

Copyright (c) 2017 Dow Jones & Company, Inc.

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