Printer Friendly

SUPERVALU AND WETTERAU ANNOUNCE DEFINITIVE MERGER AGREEMENT

 SUPERVALU AND WETTERAU ANNOUNCE DEFINITIVE MERGER AGREEMENT
 MINNEAPOLIS, July 24 /PRNewswire/ -- Supervalu Inc. (NYSE: SVU) and Wetterau Incorporated (NASDAQ: WETT) announced today that, following approval by their respective boards of directors, they had signed a definitive merger agreement providing for the previously announced acquisition of Wetterau by Supervalu. The definitive merger agreement provides that Wetterau's common shareholders would receive $30.25 per share in cash from Supervalu in a taxable transaction.
 The merger is subject to approval by the shareholders of Wetterau, regulatory approvals and clearances, including expiration or termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other closing conditions, including the absence of any material adverse change in the financial condition or business of Wetterau. The parties contemplate that the approval process can be completed, and the merger completed by the end of October.
 Wetterau stated that it expects to file preliminary proxy materials with the Securities and Exchange Commission by the end of July and that a special meeting of Wetterau shareholders would be called to consider and vote upon approval of the merger agreement and the merger following clearance of its proxy materials by the Securities and Exchange Commission. Supervalu and Wetterau said they also expected to make their requisite pre-merger notification filings with the Federal Trade Commission and the Department of Justice pursuant to the Hart-Scott- Rodino Antitrust Improvements Act of 1976 by the end of July.
 The board of directors of Wetterau also approved the payment of a cash dividend of $0.17 per share of Sept. 15, 1992 to holders of record of Wetterau common stock at the close of business on Sept. 2, 1992.
 -0- 7/24/92
 /CONTACT: Mike Mulligan, 612-828-4441, Jeff Girard, 612-828-4028, or Jeff Girard, 612-828-4028, both of Supervalu, or Dick Dalton of Wetterau, 314-595-4100/
 (SVU WETT) CO: Supervalu; Wetterau ST: Minnesota IN: SU: TNM


AH -- NY074 -- 3245 07/24/92 19:35 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 24, 1992
Words:321
Previous Article:STANDARD & POOR'S STOCK PRICE INDEX -- CLOSING, FRIDAY, JULY 24 /PRN/
Next Article:DIMPLES GROUP ISSUES MARKETING UPDATE
Topics:


Related Articles
SUPERVALU ANNOUNCES LETTER OF INTENT
WETTERAU ANNOUNCES DEVELOPMENT OF DEFINITIVE AGREEMENT FOR ACQUISITION BY SUPERVALU
SUPERVALU INC. REPORTS RESULTS
TED WETTERAU RETIRES
WETTERAU PROPERTIES INC. AMENDS LETTER OF INTENT TO SELL ASSETS
SUPERVALU ANNOUNCES SPECIAL CREDIT AND CHARGES; STOCK BUYBACK PROGRAM
SUPERVALU and ShopKo Agree on Plan for SUPERVALU to Exit Its ShopKo Investment
ShopKo Stores Secondary Public Offering Priced
SUPERVALU Selects Sterling Commerce As Electronic Commerce Services Provider.
SUPERVALU INC. and Retailer Vic Wukits Enter Into Agreement; SUPERVALU to Purchase Seven Shop 'n Save Stores.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters