Deals
Supervalu Accused by Investor of Snubbing Buyout Interest
- Blackwells Capital says board ignored four potential buyers
- Activist investor blames ‘culpable six,’ seeks board seats
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An activist investor pressuring Supervalu Inc. to consider a sale says the grocery chain’s board has ignored at least four expressions of interest from potential buyers for all or part of the company.
Blackwells Capital, which owns about an 8 percent stake in Supervalu, is seeking six seats the company’s nine-member board. The investor contends that about $5 billion in shareholder value has been destroyed over the past decade, blaming what it called “horrific mismanagement” and the board’s “culpable six.”