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Tuesday, February 12, 2013

Harris Teeter exploring options -source, (NYSE: HTSI)

Harris Teeter Supermarkets Inc is exploring strategic options including a possible sale, a source familiar with the matter said on Tuesday. The company, which has a market capitalization of over $1.8 billion, is being advised by JP Morgan, said the source, who declined to be named because the process is confidential.Harris Teeter was not immediately available. JP Morgan declined to comment.Shares of the company, which operates some 200 stores in eight states in the southeastern U.S., closed up $2.46, or 6.6 percent, at $39.50 on the New York Stock Exchange.News of the process was earlier reported by the Wall Street Journal.

Harris Teeter Supermarkets, Inc., formerly Ruddick Corporation, operates a regional chain of supermarkets in eight states primarily in the southeastern and mid-Atlantic United States, and the District of Columbia. Shares of HTSI traded higher by 6.64% or $2.46/share to $39.50. In the past year, the shares have traded as low as $35.25 and as high as $44.46. On average, 240271 shares of HTSI exchange hands on a given day and today's volume is recorded at 1254052.