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Stock Market & Financial Investment News

News Breaks
January 10, 2013
09:00 EDTSVU, KIMSuperValu 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.
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