Winn-Dixie to Merge with Bi-Lo

Struggling Jacksonville-based Winn-Dixie announced a deal on Monday to merge with South Carolina's Bi-Lo in a $560 million deal that adds 690 stores and 63,000 employees to Bi-Lo's offerings.

There are three grocery stores in Bradenton. Two are . and is on Cortez Road.

Winn-Dixie closed its store on North Tamiami Trail in 2010 and a . It operates three stores in Sarasota, and the Fruitville Road store is being remodeled and upgraded.

The grocer also pulled out of South Carolina and four other southern states in 2005 as it grappled with increased competition in the grocery business.

The merger greatly adds to Bi-Lo's footprint. Winn-Dixie, even with its struggles in recent years, has held a major presence in Florida for nearly 80 years. That's a market in which Bi-Lo offers no stores.

“With no overlap in our markets, the combined company will have a perfect geographic fit that will create a stronger platform from which to provide our customers great products at a great value, while continuing to offer exceptional service," saidRandall Onstead, Chairman of Bi-Lo.  Bi-Lo and Winn‐Dixie are both strong regional brands with similar heritages, compelling customer connections, and outstanding employees."

Bi-Lo has struggled too in recent years. It exited bankruptcy in 2010.

Under the terms of the agreement, Bi‐Lo will acquire all of the outstanding shares of Winn‐Dixie stock in the merger, according to a Bi-Lo news release. The companies will continue to operate under their current banners, and the news release states no store closures are planned.

Winn‐Dixie shareholders will receive $9.50 in cash per share of Winn‐Dixie common stock, representing a premium of approximately 75 percent over the closing price of Winn‐Dixie common stock on Friday.