Symphony Investors LLC Announces Completion of Tender Offer for Shares of
SUPERVALU Common Stock and Issuance by SUPERVALU of Shares of Common Stock to
Symphony Investors LLC
NEW YORK, March 21, 2013
NEW YORK, March 21, 2013 /PRNewswire/ --Symphony Investors LLC ("Symphony")
announced today that Symphony has completed its tender offer for up to 30% of
the shares of common stock (the "Shares") of SUPERVALU Inc. (NYSE: SVU) (the
"Company") outstanding as of immediately prior to 5:00 p.m., New York City
time, on March 20, 2013 (the "Expiration Time"). The depositary for the
tender offer has advised Symphony that as of the Expiration Time,
approximately 11,686,406 Shares were validly tendered and not validly
withdrawn pursuant to the tender offer. The tendered Shares represent
approximately 5.5% of the Shares outstanding as of immediately prior to the
Expiration Time. Symphony has accepted for purchase in accordance with the
terms of the tender offer all Shares that were validly tendered and not
validly withdrawn prior to Expiration Time, and payment for such Shares will
be made promptly, in accordance with the terms of the tender offer.
In addition, Symphony announced today that pursuant to the tender offer
agreement between Symphony, the Company and Cerberus Capital Management, L.P.
("Cerberus"), the Company has issued to Symphony an aggregate of 42,477,692
Shares representing approximately 19.9% of the outstanding Shares immediately
prior to the Expiration Time (the "Issuance"). Concurrently with its
acquisition of Shares pursuant to the tender offer and the Issuance, Symphony
distributed 8,173,362 Shares representing approximately 3.2% of the
outstanding Shares after giving effect to the Issuance to Kimvue Acquisition,
LLC ("Kimvue"), one of the equity investors in Symphony and an affiliate of
Kimco Realty Corporation, in connection with a redemption of Kimvue's equity
interests in Symphony (the "Kimco Distribution"). Following the completion of
the tender offer and the Issuance and after giving effect to the Kimco
Distribution, Symphony holds an aggregate of 45,990,736 Shares representing
approximately 18.0% of the outstanding Shares.
This communication contains forward-looking statements. Forward-looking
statements include statements that are predictive in nature, which depend upon
or refer to future events or conditions, which include words such as
"believes," "plans," "anticipates," "estimates," "expects," "intends," "seeks"
or similar expressions. Forward-looking statements are based on current
expectations about future events and are subject to risks, uncertainties and
assumptions. You should not place undue reliance on forward-looking
statements, which are based on current expectations, since, while Symphony
believes the assumptions on which the forward-looking statements are based are
reasonable, there can be no assurance that these forward-looking statements
will prove accurate. All forward-looking statements included in this
communication are made as of the date hereof and, unless otherwise required by
applicable law, Symphony undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information, future
events or otherwise.
AboutCerberus Capital Management, L.P.
Established in 1992,Cerberus Capital Management, L.P.is one of the world's
leading private investment firms. Cerberus has more than US$20 billionunder
management invested in four primary strategies: distressed securities &
assets; control and non-control private equity; commercial mid-market lending
and real estate-related investments. From its headquarters in New York
Cityand large network of affiliate and advisory offices in the
US,EuropeandAsia, Cerberus has the on-the-ground presence to invest in
multiple sectors, through multiple investment strategies in countries around
SOURCE Symphony Investors LLC
Contact: Chris Hayden, Georgeson Inc., (212) 440-9850
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