Friday, February 7, 2025
56.7 F
Roseville

Safeway and Albertsons Announce Merger Agreement

Safeway Inc. and Albertsons announced today a definitive agreement under which AB Acquisition LLC (“AB Acquisition”) will acquire all outstanding shares of Safeway (the “Merger”). The merger agreement was unanimously approved by the Board of Directors of Safeway.

AB Acquisition is the owner of Albertson’s LLC and New Albertson’s, Inc. (collectively “Albertsons”) and is controlled by a Cerberus Capital Management, L.P. (“Cerberus”)-led investor group, which also includes Kimco Realty Corporation (NYSE:KIM), Klaff Realty LP, Lubert-Adler Partners LP, and Schottenstein Stores Corporation.

As a result of the Merger, plus other actions to be taken by the Safeway Board of Directors as described below, including the separate sales of certain other primarily non-core assets, and the distribution of Blackhawk shares, Safeway shareholders are expected to receive total value estimated at $40 per share.

Albertsons’ Chief Executive Officer Bob Miller stated, “This transaction offers us the opportunity to better serve customers by adapting more quickly to evolving shopping preferences in diverse regions across the country. It also brings together two great organizations with talented management teams. Robert Edwards and his team have done an outstanding job in positioning Safeway’s core business for success, by investing in its stores and creating innovative strategic marketing programs that contribute to shareholder value. Working together will enable us to create cost savings that translate into price reductions for our customers. Together, we will be able to respond to local needs more quickly and deliver outstanding products at the lowest possible price, more efficiently than ever before.”

“This Merger is one of several actions we have taken in recent months as a result of our strategic business review.  The combined value of the transactions described above is expected to deliver a premium to Safeway’s shareholders of 72% from one year ago, and 56% over the share price six months ago,” said Robert Edwards, President & Chief Executive Officer of Safeway Inc. “Safeway has been focused on better meeting shoppers’ diverse needs through local, relevant assortment, an improved price/value proposition and a great shopping experience that has driven improved sales trends.  We are excited about continuing this momentum as a combined organization. We look forward to working with Bob Miller and the rest of the Albertsons team as we proceed together on a path towards becoming an even stronger organization.”



Brighter Side

Trending

Roseville welcomes US Quadball West Coast National Qualifier this weekend

Roseville, Calif. - Quadball, an action-packed sport that evolved from the Harry Potter novels, will hold its only West Coast national qualifier Saturday, Feb. 8, and Sunday, Feb. 9 at Maidu Regional Park in Roseville.

Lowest Gas Prices in Roseville, Rocklin, & Lincoln

Roseville, Calif. - Gas prices continue to push higher above the $4 per gallon mark at many locations around South Placer County. Roseville consistently remains the low price leader while Rocklin and Lincoln residents consistently pay higher energy costs across the board.

Beryozka – European Market in Rocklin

Beryozka European Market in Rocklin, Calif.

El Burrito Taqueria in Roseville

El Burrito Taqueria in Roseville. Our goal is to provide a fantastic experience for our guests. We use the best ingredients to create all of our authentic Mexican dishes.

Bio-identical hormone replacement therapy

As we age, we approach the "pausal" years. For women, it's known as Menopause. For men, it's known as Andropause. During these transitional times in life, it's as if the sex glands go into retirement and there can be a lot of changes,

Topics

Roseville welcomes US Quadball West Coast National Qualifier this weekend

Roseville, Calif. - Quadball, an action-packed sport that evolved from the Harry Potter novels, will hold its only West Coast national qualifier Saturday, Feb. 8, and Sunday, Feb. 9 at Maidu Regional Park in Roseville.

Lowest Gas Prices in Roseville, Rocklin, & Lincoln

Roseville, Calif. - Gas prices continue to push higher above the $4 per gallon mark at many locations around South Placer County. Roseville consistently remains the low price leader while Rocklin and Lincoln residents consistently pay higher energy costs across the board.

Beryozka – European Market in Rocklin

Beryozka European Market in Rocklin, Calif.

El Burrito Taqueria in Roseville

El Burrito Taqueria in Roseville. Our goal is to provide a fantastic experience for our guests. We use the best ingredients to create all of our authentic Mexican dishes.

Bio-identical hormone replacement therapy

As we age, we approach the "pausal" years. For women, it's known as Menopause. For men, it's known as Andropause. During these transitional times in life, it's as if the sex glands go into retirement and there can be a lot of changes,

Placer Conservation Authority takes step toward securing 4,245 acres of land easement acquisitions north of Lincoln

Auburn, Calif. - Approximately 4,245 acres of prime farmland, natural open space and environmental resources north of Lincoln is a step closer to being secured in perpetuity as part of the Placer County Conservation Program.

Boot Juice and Blü Egyptian in Auburn at Foothills Fillmore Feb 22

Auburn, Calif.- Keep Smilin' Promotions is bringing the much sought after Boot Juice to the Foothill Fillmore. The co-billed event also includes Blü Egyptian which has been described as "somewhere where Jimi Hendrix, Jerry Garcia, Joe Satriani & Buckethead are all infused in a Talking Heads state of mind."

Rocklin Unified and Rocklin Teachers Professional Association reach tentative agreement

Rocklin, Calif. - The Rocklin Unified School District (RUSD) and the California School Employees Association (CSEA), Chapter #773, are pleased to announce a tentative agreement for the 2024-25 academic year.

Related Articles

Local Spotlight

Mobley Pest Services in Roseville serving the community and region for over 20 years

Roseville, Calif.- Fully licensed and bonded, Mobley Pest Services in Roseville has been providing reliable pest control services for well over 20 years. Serving residents and businesses in the greater Placer and Sacramento region, Mobley Pest Services is locally owned and operated in Roseville.

California Fence and Patio serving Placer County for over 30 years

Loomis, Calif. - California Fence & Patio is proud of their reputation as the premier fencing and patio cover contractor in the Roseville,, Sacramento and Placer County region.

Sacramento Naturopathic Medical Center emphasizes the use of prevention and natural therapeutics

Sacramento Naturopathic Medical Center is a professional primary care natural medicine committed to helping all people reach their full potential – mind, body and spirit.