Albertsons to postpone IPO until market improves: source
(Reuters) - U.S. grocery retailer Albertsons Companies Inc (NYSE: ABS) plans to delay its initial public offering beyond Thursday, until market conditions become more favorable, according to a person familiar with the matter.
Albertsons now has no timetable for the IPO, but pricing it on Thursday, or even in the short term, would be highly unlikely, the person said on Wednesday, asking not to be identified because the deliberations are confidential.
Albertsons did not immediately respond to a request for comment.
Albertsons, backed by buyout firm Cerberus Capital Management LP, was hoping to raise as much as $2 billion with its IPO on Wednesday, but a disappointing Wal-Mart Stores Inc (NYSE: WMT) outlook weighed on investor sentiment and drove Albertsons peer Kroger Co's (NYSE: KR) shares down 3 percent on the day.
(Reporting by Greg Roumeliotis in New York; Editing by Ken Wills)