Supervalu says 'substantial transformation underway'
SUPERVALU INC. confirmed that Blackwells Capita has announced its intent to nominate director candidates to stand for election to the Board of Directors at the company's 2018 Annual Meeting of Stockholders. The date of the company's 2018 Annual Meeting has not yet been announced. SUPERVALU stockholders are not required to take any action at this time. The company issued the following statement: "The SUPERVALU Board and management team are confident that their ongoing efforts to transform the Company are driving growth and enhancing SUPERVALU's unique competitive position. The Board and management team are committed to delivering value for all stockholders, have been and continue to proactively develop and pursue all opportunities to create stockholder value, and remain open-minded and receptive to ideas that enhance stockholder value. To that end, over the past few months, members of SUPERVALU's Board and management team have had several discussions and meetings with representatives of Blackwells. Discussions encompassed a variety of topics pertaining to the business and the company's ongoing initiatives as well as our Board refreshment efforts - initiatives that have been underway substantially since before Blackwells became a stockholder. Despite our efforts to reach a constructive path forward and to discuss overlapping objectives, Blackwells has decided to threaten an unnecessary and counterproductive proxy contest... We continue to invest in well positioned retail assets, which remain important customers of our growing wholesale business. Retail assets that are not well positioned for long-term success are being operated to maximize cash flow, including limited capital investment. Capital invested into our retail stores will continue to be targeted, prudent, and focused in areas designed to generate incremental sales. We continue to pursue store sales and closures for underperforming locations while exploring options for specific banners." In keeping with its standard practice, the SUPERVALU Board's Corporate Governance and Nominating Committee will evaluate Blackwells' nominees, if and when submitted, in due course. The Board will present its formal recommendation regarding director nominations in its definitive proxy materials, which will be filed with the Securities and Exchange Commission.