Newspaper article St Louis Post-Dispatch (MO)

Supervalu Board Approves Save-A-Lot Spinoff

Newspaper article St Louis Post-Dispatch (MO)

Supervalu Board Approves Save-A-Lot Spinoff

Article excerpt

The board of SuperValu Inc. approved a spinoff of its Save-A-Lot discount supermarket chain, paving the way for separating a thriving unit from its slower-growing grocery wholesale and food retail businesses.

The separation will be through a pro-rata distribution of shares of Save-A-Lot common stock to SuperValu stockholders, who will own at least 80.1 percent of the outstanding shares of the new company.

SuperValu said Save-A-Lot, which is based in Earth City, would trade on the New York Stock Exchange, but did not disclose details on the company's ticker symbol or when the transaction would close.

The distribution of Save-A-Lot common stock is intended to be tax- free and does not require shareholder approval, the company said in a filing on Thursday. …

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