Customers leave a Safeway store on March 5, 2014 in San Francisco, California. ( Justin Sullivan/Getty Images/AFP)
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Safeway Inc., the second-largest U.S. grocery-store chain, agreed to be bought by Cerberus Capital Management LP's Albertsons in a deal valued at about $9.2 billion, creating a bigger competitor to Kroger Co. and big-box rivals.Safeway shares fell as much as 6.3 percent to $37 in extended trading, a sign investors expected the firm to fetch a higher price in the deal.Kroger had made an approach to Safeway recently about buying parts of the company, people with knowledge of the situation said this week. The rival grocery chain had also approached Cerberus about buying some of Safeway's stores after a Cerberus deal, one of the people said.If Kroger or another bidder makes an offer during the go shop period, then Safeway has 15 days to enter talks with that bidder, according to the company's statement.
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