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Stock Market & Financial Investment News

News Breaks
January 10, 2013
09:00 EDTKIM, SVUSuperValu to sell five retail grocery banners to Cerberus-led investor group
SUPERVALU announced a definitive agreement under which it will sell its Albertsons, Acme, Jewel-Osco, Shawís and Star Market stores and related Osco and Sav-on in-store pharmacies to AB Acquisition LLC, an affiliate of a Cerberus Capital Management L.P.-led investor consortium which also includes Kimco Realty Corporation (KIM), Klaff Realty LP, Lubert-Adler Partners and Schottenstein Real Estate Group, in a transaction valued at $3.3B. The sale will consist of the acquisition by AB Acquisition of the stock of New Albertsons, a wholly-owned subsidiary of SUPERVALU, which owns the Banners, for $100M in cash. NAI will be sold to AB Acquisition subject to approximately $3.2B in debt, which will be retained by NAI. As part of the transaction, which includes 877 stores across the Banners, AB Acquisition-owned Albertsonís LLC will reunite its Albertsonís stores with the acquired NAI Albertsons stores. In addition to the Sale, within ten business days of today, a newly-formed acquisition entity owned by a Cerberus-led investor consortium will conduct a tender offer for up to 30% of SUPERVALUís outstanding common stock at a purchase price of $4.00 per share in cash. The Tender Offer represents a 50% premium to SUPERVALUís thirty-day average closing share price as of January 9, 2013, and provides SUPERVALUís shareholders with the opportunity to maintain an equity stake in SUPERVALU moving forward.
News For SVU;KIM From The Last 14 Days
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December 19, 2014
16:23 EDTSVUSupervalu to provide distribution, transition services to Haggen
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16:08 EDTSVUSafeway, Albertsons confirm agreements to sell 168 stores to four buyers
AB Acquisition LLC and Safeway (SWY) announced that they have entered into agreements, subject to approval by the Federal Trade Commission to sell 168 stores across eight states to four buyers: Associated Food Stores will purchase eight stores in Montana and Wyoming; Associated Wholesale Grocers / Minyards will purchase 12 stores in Texas; SUPERVALU (SVU) will purchase two stores in Washington; and Haggen will purchase 146 stores across Arizona, California, Nevada, Oregon and Washington. Divestiture of these stores is being undertaken in order to secure FTC clearance of the companies' proposed merger, which was announced in March and is expected to close in January 2015. The purchase agreements with the four buyers are all subject to approval by the FTC. Under the terms of the purchase agreements, the buyers will acquire the stores, equipment and inventory, and they intend to hire most, if not all, of the store employees upon the closing of the purchase of the stores.
December 12, 2014
09:02 EDTKIMKimco Realty to buy Blackstone 66.7% share stake in portfolio for $925M
Kimco Realty (KIM) announced that its subsidiary has executed a contract to acquire the remaining 66.667% interest in the 39-property Kimstone portfolio from its joint venture partner, a subsidiary of Blackstone Real Estate Partners VII (BX) for a price of $925M, which includes the assumption of approximately $426.7M in mortgage debt. The company will pay approximately $512.3M to acquire BREPís interest. Kimco will use a combination of proceeds from recently completed and pending property sales in the U.S. and Latin America as well as availability under its existing $1.75B revolving credit facility to fund this transaction which is expected to be completed in the first quarter of 2015. Upon closing, Kimco will own 100% of the portfolio. The portfolio consists of 39 properties totaling 5.6M square feet and is approximately 97% occupied. The properties in the portfolio are concentrated in the core markets of New York, Virginia, Texas, Florida, California, and Maryland. The portfolio has a three-mile average household income level of $92,000 and an average base rent per square foot of $15.83, both of which exceed Kimcoís current portfolio averages.
December 9, 2014
10:23 EDTSVUOn The Fly: Analyst Downgrade Summary
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06:23 EDTSVUSupervalu downgraded after share outperformance at Oppenheimer
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05:54 EDTSVUSupervalu downgraded to Perform from Outperform at Oppenheimer
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