Supervalu, Blackwells Capital sign agreement
On July 31, Supervalu announced it entered into an agreement with Blackwells Capital, according to which, Blackwells agreed to withdraw its director nominees and vote all of its shares in support of Supervalu’s full slate of directors at the upcoming 2018 Annual Meeting of Stockholders, slated for Aug. 16, 2018.
Blackwells has also withdrawn its stockholder proposal to be considered at the 2018 Annual Meeting and agreed to abide by certain customary standstill provisions, which will be in effect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 US Securities and Exchange Commission.