Whole foods (WFMI) CEO John Mackey gives an in-depth analysis over the FTC’s challenge and handling of the Wild Oats (OATS) merger. The frustration level must be boiling over down in Austin. Mackey lets the FTC know exactly how he is feeling about the challenge of the merger. Although I really doubt this helps his cause, it is quite entertaining to see the CEO of a 5 ½ billion dollar corporation complain about being bullied.
Executive Summary:
The Federal Trade Commission (FTC) recently filed a complaint challenging the merger of Whole Foods Market and Wild Oats. Whole Foods Market intends to fight this complaint in court. My blog posting provides a detailed look into Whole Foods Market's decision-making process regarding the merger, as well as our company's experience interacting with the FTC staff assigned to this merger. I provide explanations of how I think the FTC, to date, has neglected to do its homework appropriately, especially given the statements made regarding prices, quality, and service levels in its complaint. I also provide a glimpse into the bullying tactics used against Whole Foods Market by this taxpayer-funded agency. Finally, I provide answers in my FAQ section to many of the questions that various Team Members have fielded from both the media and company stakeholders.
As stated in our initial press release about Whole Foods Market's challenge to the FTC's complaint, we set an intention as a company to be as transparent as possible throughout this process. This is my first detailed effort at transparency. We will provide additional information as we field new questions and receive updates on the proceedings from the FTC and the courts.
Read the full blog $$here$$
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