When two large companies agree to merge, they typically promise to use “reasonable best efforts” to win regulatory approval. In plain English that means, “we’ll try.”
But when supermarket giant Kroger agreed to acquire Albertsons for $24.6 billion in 2022, a pledge to try was not enough. In a form of commitment that amounts to what the lawyers call “hell or high water,” Kroger agreed to take “any and all actions” necessary to win approval. That is a big burden, which was understandably interpreted by Albertsons as a clear signal that Kroger was committed to honoring its contract and was all in on the deal.
