Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  SUPERVALU INC.    SVU

Delayed Quote. Delayed  - 06/29 10:02:33 pm
4.51 USD   +4.16%
06/11 SUPERVALU : to retain larger stake in Save-A-Lot after spinoff
06/10 SUPERVALU : to hold bigger piece of spun-off Save-A-Lot
06/09 SUPERVALU : Files Amendment No. 1 to Form 10 for Possible Spin-off o..
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 
The feature you requested does not exist. However, we suggest the following feature:

SuperValu : to retain larger stake in Save-A-Lot after spinoff

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/11/2016 | 04:47am CEST

June 10--Grocery store operator SuperValu would own 40 percent of Save-A-Lot's outstanding shares after it completes a proposed spinoff of the discount supermarket chain, a larger amount than was previously disclosed.

When Eden Prairie, Minn.-based SuperValu announced in January that its board of directors approved a potential spinoff of Earth City-based Save-A-Lot, SuperValu said the company would retain just under 20 percent of outstanding Save-A-Lot shares, with SuperValu stockholders owning at least 80.1 percent.

In a regulatory filing Thursday, SuperValu said it would retain a 40 percent stake after Save-A-Lot's spinoff as an independent, publicly traded company, and that within two years, it would reduce its ownership to 20 percent.

SuperValu also previously said the spinoff of Save-A-Lot's common stock was intended to be a tax-free transaction; but in Thursday's regulatory filing, SuperValu said "the distribution will not be eligible for treatment as a tax-free distribution for U.S. federal income tax purposes."

A SuperValu spokesman declined to comment about the regulatory filing. In a press release, the company said the filing was part of its preparations to allow for a potential spinoff of Save-A-Lot into a stand-alone public company.

Save-A-Lot had 1,360 company-owned and licensed stores as of Feb. 27. The chain started in 1977 as a single store in Cahokia and was acquired by SuperValu in 1992 for $1.1 billion.

For the fiscal year ended Feb. 27, Save-A-Lot posted a profit of $67 million on $4.6 billion in net sales.

Lisa Brown --314-340-8127

@lisabrownstl on Twitter

lbrown@post-dispatch.com

___

(c)2016 the St. Louis Post-Dispatch

Visit the St. Louis Post-Dispatch at www.stltoday.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news on SUPERVALU INC.
06/11 SUPERVALU : to retain larger stake in Save-A-Lot after spinoff
06/10 SUPERVALU : to hold bigger piece of spun-off Save-A-Lot
06/09 SUPERVALU : Files Amendment No. 1 to Form 10 for Possible Spin-off of Save-A-Lot..
06/02 SUPERVALU : to Participate at RBC Capital Markets Consumer and Retail Conference
06/02 SAVE-A-LOT : Eyeing new era for growth
06/02 ACME : Doubling down on turnaround bet
05/26 PICK'N A NEW NAME : Grocer switches to ‘Webster's'
05/24 SUPERVALU : to Participate at RBC Capital Markets Consumer and Retail Conference
05/24 SUPERVALU : takes another step in possible Save-A-Lot spin-off
05/23 SUPERVALU : New loan agreement primes Save-A-Lot spinoff
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials