Albertsons said Kroger has failed to make best efforts to secure regulatory approval of the deal, a claim the latter called “baseless.”

Grocery-store giant Albertsons Cos. said Wednesday that it is walking away from its merger with rival Kroger Co., a day after two judges blocked it.

Key Takeaways Kroger shares rose Thursday morning after the retailer said it is abandoning the Albertsons merger and restarting stock buybacks.The grocery chain said after the bell Wednesday that it will begin a new $7.