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The board of directors said it was made aware on Feb. 21 of “certain personal conduct by McMullen and immediately retained outside independent counsel to conduct an investigation.”

Albertsons and Kroger insist a merger would help them lower prices and better compete with big rivals such as Walmart, Costco and Amazon.

Kroger Co. lifted its full-year sales guidance as the grocery-store operator benefits from consumers prioritizing spending on groceries and other essentials.

Kroger is poised to sell investment-grade bonds in at least seven parts to help fund its proposed acquisition of Albertsons as antitrust scrutiny continues to hang over the plan.

A Colorado judge issued an order temporarily blocking the proposed $25 billion merger of Kroger Co. and Albertsons Cos., which has been challenged by the state attorney general.

Kroger Co. is in talks about a tie-up with rival Albertsons Cos. in a deal that would create a U.S. grocery giant, people familiar with the matter said.