Ahold's Shareholders OK Sale of U.S. Foodservice

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Ahold's Shareholders OK Sale of U.S. Foodservice

06/20/2007
AMSTERDAM -- Ahold's shareholders yesterday approved the sale of U.S. Foodservice for $7.1 billion, in addition to the retail conglomerate's proposal to return 3 billion euros to shareholders through a capital repayment and reverse stock split.

The vote was held at an Extraordinary General Meeting at the company's Albert Heijn headquarters in the Dutch city of Zaandam. One hundred and forty-one shareholders attended, representing 861,245,065 shares.

Ahold said last month that U.S. Foodservice would be sold to a consortium of private equity firms Clayton, Dubilier & Rice Fund VII, L.P. (CD&R) and Kohlberg Kravis Roberts & Co L.P. (KKR). The company also said in May that it intended to return 3 billion euros to shareholders via a capital repayment and reverse stock split, in the wake of an exhaustive review in which Ahold found that such an action would be the best way to return the money to shareholders, considering the Dutch regulatory environment.