Blackwells has agreed to withdraw its director nominees and vote all of its shares in support of Supervalu’s slate of directors at the upcoming 2018 annual stockholders meeting on Aug. 16. The New York-based alternative-investment manager also is withdrawing its stockholder proposal, agreeing to abide by certain customary standstill provisions that will be in effect until July 30, 2019.
“We are pleased to have reached this agreement with Blackwells, as we may now dedicate our full attention to continuing to operate our business and to completing the transaction with UNFI, which delivers a substantial premium and immediate and certain value to our stockholders,” said Donald Chappel, chairman of the board.
The full agreement between Supervalu and Blackwells will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.
Barclays and Lazard are serving as financial advisors, and Wachtell, Lipton, Rosen & Katz is serving as legal advisor, to Supervalu.