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Shareholders back sale of Albertsons
By Times Staff
Published May 31, 2006
Shareholders of Albertsons Inc. on Tuesday overwhelmingly approved selling the supermarket chain in three pieces in a $15.9-billion deal. The sale was priced at $26 a share, including the assumption of $6.1-billion in debt. The chain's 104 Florida stores are among a cluster of 655 being sold to an investment group led by Cerberus Capital Management that plans to keep the chain operating under the same name. The rest are being sold to SuperValu Inc. and CVS Corp. Separately, a Sacramento Albertsons clerk filed suit challenging both the sale and Albertsons chief executive Larry Johnston's $74-million severance deal that board members sweetened by $8-million once terms of the sale were struck. The suit asks a judge to intervene after investigating whether shareholders would have gotten more from an undisclosed suitor's higher bid that was rejected in 2005. Albertsons reported quarterly earnings of $167-million, or 45 cents a share, up from $100-million, or 27 cents a share a year ago. Revenues slipped to $9.94-billion, down from $9.99-billion. Albertsons stock closed Tuesday at $25.67, up five cents a share. - MARK ALBRIGHT, Times staff writer
[Last modified May 31, 2006, 05:38:11]
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