Young's Market Co., a wholesaler of spirits, wines and other goods, said it will merge with a new corporation formed by the Underwood family, which controls Young's. 

Under terms of the agreement, shareholders other than the Underwoods will receive $3,500 a share at closing, which is expected in December.
The Underwood family said that holders of more than a majority of the stock of the company have approved the transaction by written consent.