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SuperValu Continues to Push Back Against Blackwells in New Investor Presentation

SuperValu Continues to Push Back Against Blackwells in New Investor Presentation

Tuesday, July 17th, 2018

Things can get pretty heated in the grocery sector. Leading up to SuperValu’s 2018 Annual Meeting of Stockholders, each player in the game has been throwing metaphorical punches. Previously, SuperValu issued a letter, as we reported on our sister publication, asking investors to vote for its choice of directors and reject Blackwells Capital’s nominees. Blackwells released its own letter urging investors to shoot for a fresh start and elect the firm’s choice six candidates to SuperValu’s Board of Directors.

According to a company press release, SuperValu held a presentation that listed, among other things, reasons why Blackwell’s nominees are not additive to the board. The company stated that the firm does not offer any meaningful new ideas.

A slide from SuperValu's investor presentation

Given SuperValu’s plan to best position itself in the evolving grocery industry, the company feels as though Blackwells' Director nominees do not bring any expertise to the Board, nor are they necessary to the continued execution of the company’s initiatives. The following is a list of the investment firm's Director nominees, which includes Rick Anicetti and Frank Lazaran, former CEOs for The Fresh Market and Winn-Dixie, respectively:

  • Rick Anicetti
  • Steve Baer
  • Chris Kreidler
  • Frank Lazaran
  • Jim Martell
  • Sandra Taylor

By attempting to replace six of the nine Board members, SuperVau asserted that Blackwells is essentially trying to seize control of SuperValu without paying a premium to all stockholders, meaning the firm is seeking a level of representation disproportionate to its ownership in the company. SuperValu noted that Blackwells has used options contracts to significantly reduce its economic exposure to SuperValu stock.

A slide from SuperValu's investor presentation

The company urges stockholders to vote “FOR ALL” nine of SuperValu’s Director candidates.

As the claws keep getting sharper, I’ll be sitting here sipping tea and waiting to see who says what next.

Will Blackwells Capital release another statement in response to this? Deli Market News will continue to report.