Pending a United Natural Foods’ (UNFI) acquisition, SuperValu and Blackwells Capital have reached an agreement regarding the retailer’s Board of Directors—after several months of each hoping to gain control of the board.
According to a press release, the terms of the agreement are as follows: Blackwells has agreed to withdraw its director nominees and vote all of its shares in support of SuperValu’s full slate of directors at the company’s upcoming 2018 Annual Meeting of Stockholders, to be held on August 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 Blackwells has also withdrawn its stockholder proposal to be considered at the 2018 Annual Meeting and agreed to abide by certain customary standstill provisions, which will be in effect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, in a press release.
The formal terms of the agreement can be found here.
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