Blackwells Files Preliminary Proxy Materials for the Election of Directors at the 2018 Annual Meeting of Supervalu Inc.
NEW YORK–(BUSINESS WIRE)–Blackwells Capital LLC (together with its affiliates, “Blackwells Capital” or “Blackwells”), an alternative investment management firm with an approximate 7.3% ownership interest in Supervalu Inc. (NYSE: SVU) (“Supervalu” or the “Company”), today announced it has filed preliminary proxy materials to elect six highly qualified candidates to Supervalu’s Board of Directors (the “Board”) at the upcoming 2018 Annual Meeting of Shareholders (the “Annual Meeting”).
Over the last decade, Supervalu’s share price has declined 92%, reflecting the loss of over $5.4 billion for its shareholders. Over the same period, the Russell 2000 Consumer Staples Index has risen 134%. Blackwells believes this (stark) juxtaposition is symptomatic of an ensconced Board that lacks the requisite experience to oversee a winning strategy. Further, owning just 0.53% of the Company’s shares, the Board has de minimis alignment with shareholders.