American Stores Bids for Lucky

American Stores Co. today made a surprise offer of $1.72 billion in cash, or $45 per share outstanding, to buy Lucky Stores Inc., a deal that would create one of the nation’s largest supermarket and discount drug chains.

The unsolicited offer, which rocketed Lucky’s stock higher in heavy trading, came more than a year after Lucky successfully thwarted a hostile takeover attempt by New York investor Asher Edelman via an aggressive restructuring program that includes a “poison pill” provision in its bylaws. Dublin, Calif.-based Lucky did not comment on the offer. American Stores, based in Salt Lake City, operates supermarkets and drug stores nationwide.