Depending on what develops with regards to Albertsons’ reported interest in a deal — and a price tag estimated at $14 billion won’t be easy given the parent company’s current debt — analysts would expect a bidding war could erupt, if only to drive the winner’s price up. Although many observers say Whole Foods’ structural challenges might be best worked out under private ownership, the potential to capture millions in synergies generally allow strategic acquirers to outbid them. It should be noted that although considered by some to be in need of a turnaround — Jana cited “chronic underperformance” — Whole Foods is in considerably better shape than The Fresh Market, which suffered some similar problems (high price perception, conventional competition, questionable expansion strategy) and still drew interest from conventional buyers, including Kroger, when it went on the block a year ago.