Supervalu Confirms Receipt Of Director Nominations From Blackwells Capital

(RTTNews) - Supervalu Inc.(SVU) confirmed Thursday that Blackwells Capital has provided a notice of its intention to nominate six 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.

The company noted that Blackwells publicly and privately announced its intent to nominate three director candidates to the SUPERVALU Board last month. However, Blackwells has now proposed to replace six of nine Board members. Such an attempt effectively seeks control of the Company, without paying a premium to all stockholders, and clearly seeks representation that is highly disproportionate to Blackwells' stake, which is approximately 2% of SUPERVALU shares when excluding out-of-the-money options held by Blackwells.

Supervalu stated that the Board's Corporate Governance and Nominating Committee will present its formal recommendation regarding director nominations in the Company's definitive proxy materials, which will be filed with the Securities and Exchange Commission in due course. SUPERVALU stockholders are not required to take any action at this time.