US-based supermarket chain Supervalu has received approval from its stockholders for the proposed $2.9bn sale of the company to United Natural Foods (UNFI).
According to the company, stockholders holding around 80.82% of the shares in the company voted in favour of the previously announced merger between Supervalu, Supervalu Enterprises, UNFI and its wholly owned subsidiary Jedi Merger Sub.
In July, UNFI signed a definitive agreement to acquire Supervalu for approximately $2.9bn, which includes $32.50 per share in cash, as well as the assumption of outstanding debt and liabilities.
The deal is expected to expand UNFI’s customer base and presence across various channels, in addition to providing new opportunities to the company through a comprehensive product portfolio.
The transaction is subject to customary closing conditions and is expected to close on 22 October.
Following completion of the deal, UNFI chief executive officer and chairman Steve Spinner will lead the combined entity and UNFI chief operating officer Sean Griffin will oversee integration.
Griffin will also lead an integration committee comprising executives from both companies to drive the implementation of best practices from each company.
Headquartered in Minnesota, Supervalu currently operates a network of 3,606 stores including 3,495 wholesale primary stores and 111 traditional retail grocery stores under three retail banners.