On July 17, Supervalu released an investor presentation ahead of its annual shareholder meeting to be held on Aug. 16. In the presentation, the company outlined the business decisions and positive outcomes during the past few years. It also took the opportunity to communicate thata New York-based alternative investment firm, Blackwells Capital had not suggested any meaningful new ideas to the organization.
Blackwells Capital started a proxy war by nominating six nominees to Supervalu’s board in the upcoming shareholder meeting. Supervalu had earlier issued a statement that this was an attempt by Blackwells to seize control of the Board without paying a premium to the stockholders.
Blackwells, which has a 7.7 percent ownership interest in the company, has issued open statements criticizing Supervalu’s recent performance and called attention to what it believes are numerous strategic missteps, inadequate corporate stewardship and poor financial performance have eroded shareholder confidence on the website www.savesupervalu.com.