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Report: Peapod looking for takeover offers
By Bloomberg News
March 30, 2000, 6:05 a.m. PT
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SKOKIE, Ill.--Peapod, the giant Internet grocer, is looking at takeover offers from United Parcel Service, rival HomeGrocer.com and Netherlands-based Royal Ahold, according to reports.
Earlier this month, venture firms dropped plans to invest $120 million after Peapod chief executive William Malloy resigned for health reasons, forcing the company to seek alternatives. While Peapod board members will meet tomorrow to discuss options, officials from UPS, HomeGrocer.com and Royal Ahold declined to comment, The Wall Street Journal said, citing people familiar with the situation.
The investment planned by Ronald Burkle's Yucaipa, Leon Black's Apollo Management and others was seen as essential for the money-losing Peapod, which could face bankruptcy if it doesn't find alternative funding, analysts said.
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