Supervalu Settles with Shareholder Activist Blackwells
Supervalu Inc. has settled with an activist shareholder group as the food distributor prepares to sell itself to a rival later this year.
The agreement puts an end to a roughly nine-month campaign by Blackwells Capital LLC, an investment fund, to overhaul the Minneapolis-based company’s operations. It comes about a week after Supervalu agreed to sell itself to wholesaler United Natural Foods Inc. for $2.9 billion, including debt. The deal will require Supervalu to shed its grocery stores.