Shareholders in US retailers Albertson ’s and SuperValu have approved the sale of Albertson’s to a consortium of investors made up of Supervalu, CVS Corporation and an investor group led by Cerberus Capital Management .
The deal was approved by Albertson’s shareholders at a special meeting held in New York City on 30 May. Chairman, CEO and president Larry Johnston said that approximately 98% of the total shares that voted on the approval of the transaction voted for its approval, which represented approximately 60% of the company’s common shares outstanding on 24 April. As a result, the merger agreement for the transaction has been approved.
At another special meeting, Supervalu’s shareholders approved its part in the Albertson’s acquisition. Based on preliminary results, with 80.7% of the outstanding shares having been voted, 92.6% of the total shares which voted approved the deal.
Ratification by both groups of shareholders means the companies can now proceed to close the transaction.