Supervalu Shareholders OK Albertsons Acquisition Plan
MINNEAPOLIS -- Shareholders of Supervalu Inc. here overwhelmingly approved a plan to buy most of the grocery operations of Albertsons Inc.
Supervalu said 92.6 percent of its shareholder's votes cast favored the deal, which will enable the parties to commence with closing the transaction. As previously reported on progressivegrocer.com, Albertsons shareholders earlier on Tuesday also approved the plan.
"Among the highlights of this transformational acquisition is the opportunity to bring a collection of the nation's most prestigious supermarket banners into the Supervalu family, creating a network of approximately 2,500 grocery stores and nearly 900 in-store pharmacies," said Jeff Noddle, Supervalu's chairman and c.e.o. "We believe that fiscal 2007 is a year in which we will begin to see strength in the new Supervalu as our model reflects the power of our new retail organization and the benefit of a more profitable retail business mix. I am excited that the Supervalu shareholders share my enthusiasm for the value of this combination."
When completed, the deal will find Supervalu the owner of the operations of Acme Markets, Bristol Farms, Jewel, Shaw's Supermarkets, Star Markets, and Albertsons banner stores in the Intermountain West, Northwest and Southern California regions. Supervalu will also acquire the related in-store pharmacies under the Osco Drug and Sav-on banners. As a result of the acquisition, which totals more than 1,100 stores, the new Supervalu will become the nation's third-largest supermarket chain by revenues.
Supervalu said 92.6 percent of its shareholder's votes cast favored the deal, which will enable the parties to commence with closing the transaction. As previously reported on progressivegrocer.com, Albertsons shareholders earlier on Tuesday also approved the plan.
"Among the highlights of this transformational acquisition is the opportunity to bring a collection of the nation's most prestigious supermarket banners into the Supervalu family, creating a network of approximately 2,500 grocery stores and nearly 900 in-store pharmacies," said Jeff Noddle, Supervalu's chairman and c.e.o. "We believe that fiscal 2007 is a year in which we will begin to see strength in the new Supervalu as our model reflects the power of our new retail organization and the benefit of a more profitable retail business mix. I am excited that the Supervalu shareholders share my enthusiasm for the value of this combination."
When completed, the deal will find Supervalu the owner of the operations of Acme Markets, Bristol Farms, Jewel, Shaw's Supermarkets, Star Markets, and Albertsons banner stores in the Intermountain West, Northwest and Southern California regions. Supervalu will also acquire the related in-store pharmacies under the Osco Drug and Sav-on banners. As a result of the acquisition, which totals more than 1,100 stores, the new Supervalu will become the nation's third-largest supermarket chain by revenues.