The Merger will create a diversified network that includes over 2,400 stores, 27 distribution facilities and 20 manufacturing plants with over 250,000 dedicated and loyal employees. Additionally, shareholders will have the right to receive pro-rata distributions of net proceeds from primarily non-core assets with an estimated value of $3.65 per share. WebSafeway has 1 board of directors, including George Morrow. and expansion plans with unmatched service from expert local labor and management. The combined value for Safeway shareholders who receive both a distribution of Blackhawk shares and the aggregate cash and contingent consideration in the Merger, based on Safeway's current estimates of the value of the contingent consideration, would represent a premium of 72 percent over Safeway's closing share price of $23.27 on March 6, 2013, one year ago; 56 percent over Safeway's closing price of $25.62 on September 6, 2013, six months ago; and 17 percent over Safeway's closing share price of $34.10 on February 18, 2014, the day before Safeway announced it was in discussions regarding a potential sale of the company. No store closures are expected as a result of this transaction. DELTA NEWS ON THE GO. By closing this message or continuing to use our site, you agree to the use of cookies. 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." Prior to Centaurus, Mr. Gibson served as Senior Vice President of institutional asset management at Royal Bank of Canada from February 2008 until April 2011. It is also anticipated that there will be a step up in Blackhawk's tax basis in assets which could generate approximately $30 million in cash tax savings per annum for Blackhawk. These applications are considered throughout the year for invites to our annual RFP in the fall of each year. Forward-Looking Statements George Charters Board Member Jun 1, 1998. Our stores provide the opportunity to mobilize funding and create awareness in our neighborhoods through our employees' passion, partnerships with our vendors, and the generous contributions by our customers. Mr. Donald has served as Co-Chairman of our Board since 2019. He joined the Board of Directors on September 7, From 2010 to 2012, Mr. Fennebresque served as chairman of Dahlman Rose & Co., LLC, an investment bank. Mr. Wille is currently a Senior Managing Director and Head of Consumer and Retail Private Equity at Cerberus, which he joined in 2006. 1325 Cobb International Drive, Ste. Box 3001. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur. Citigroup, lead financial advisor, Bank of America Merrill Lynch and Credit Suisse served as financial advisors to Albertsons, Cerberus and the investor group. 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. (515) 446-6218 (Phone) (515) 963-3845 (Fax) darren.rebelez@caseys.com. Want to see how you can enhance your nonprofit research and unlock more insights? Banners will include Safeway, Vons, Pavilions, Randalls, Tom Thumb, Carrs, Albertsons, ACME, Jewel-Osco, Lucky, Shaw's, Star Market, Super Saver, United Supermarkets, Market Street and Amigos. Under the merger agreement, Safeway shareholders will receive $32.50 per share in cash. Between 1985 and 2002, Mr. Turner held several positions of increasing responsibility with Wal-Mart, including Executive Vice President and Global Chief Information Officer from 2001 to 2002. Learn about the most recent outbreaks, contaminants, and regulations from leading subject matter experts. Robert Edwards, Safeway's current President and Chief Executive Officer, will become President and Chief Executive Officer of the combined company. A successful competing bidder who makes a superior proposal during the go-shop period would bear a $150 million termination fee. 4/30/2023 1:10 PM. Vivek joined Albertsons Companies, Inc. in April 2019 and serves as the companys Chief Executive James L. Donald Co-chair. For a 15-day period following the termination of the go-shop period, Safeway will be permitted to continue discussions and enter into or recommend a transaction with any person that submitted a qualifying proposal during the 21-day period. These statements are based on management's assumptions and beliefs in light of the information currently available to it. He has deep experience in BrandSafways end markets and a track record of driving commercial and operational excellence in both public and private companies. Visit Salary.com to find out Safeway Electronics salary, Safeway Electronics pay rate, and more. Sharon L. Allen Director. Formed in 2008, PDC is a wholly owned subsidiary of Safeway Inc., engaged in retail shopping center development and capitalizing on Safeway's core real estate competency. Delta Board of Directors Names Vasant Prabhu as Newest Member. Mr. Turner has served as our Vice Chairman since February 2020, after serving as Vice Chairman and Senior Advisor to the Chief Executive Officer from August 2017 to February 2020. Safeway's existing indebtedness is contemplated to be repaid at closing, other than capital leases and the company's 5.00% Senior Notes due 2019, 3.95% Notes due 2020, 4.75% Senior Notes due 2021, 7.45% Debentures due 2027 and 7.25% Debentures due 2031. They used to work at Safeway. Get the latest local business news delivered FREE to your inbox weekly. These factors include: failure to obtain shareholder approval of the proposed merger; failure to obtain, delays in obtaining or adverse conditions contained in any required regulatory or other approvals; failure to consummate or delay in consummating the transaction for other reasons; changes in laws or regulations; and changes in general economic conditions. Vivek joined Albertsons Companies, Inc. in April 2019 and serves as the companys Chief Executive Officer. To access the website replay, go to the "Investors" link and click on "Presentations and Webcasts. The 25th annual Food Safety Summit is the industry's premier event connecting food safety professionals throughout the supply chain with timely, actionable information and practical solutions to improve food safety! Board of Directors The actual net after-tax proceeds received upon a sale could vary substantially from these estimates. Learn More WebMember of the Board of Directors, Caseys General Stores, Inc. since 2014 (also member of the Compensation (Chair) Committee; Member of the Board of Directors, International It also brings together two great organizations with talented management teams. AB Acquisition will assume the corporate tax on the distribution of Blackhawk shares to Safeway's shareholders. PDC's portfolio consists of 25 properties with an estimated three million square feet, and is comprised of 11 operating assets, nine projects under construction, and five projects in the due diligence and entitlement phases. ALBERTSONS COMPANIES, INC. : Shareholders Board An RFP is released on an annual basis by invitation only. Combining these strong management teams will strengthen the ability of Safeway and Albertsons to deliver on a shared commitment to offering customers higher quality products at lower prices, which will undoubtedly yield positive results for all stakeholders in the business." SAFEWAY INC - Annual Report (10-K) Item 10. Directors, Safeway will soon be initiating a process to sell PDC. If the PDC sale and/or Casa Ley sales are not completed by the closing of the Merger, Safeway shareholders will receive a non-transferable contingent value right (a "CVR"), which will provide shareholders with their pro-rata share of the net proceeds from the PDC and/or Casa Ley sales, as applicable, subject to the terms and conditions of the CVRs. BrandSafway board of directors appoints new leadership The proceeds are from: 1. Among other things, the Combined Entity's ability to achieve estimated price reductions from the transaction, as well as the timing of such reductions, will depend on the Combined Entity's ability to integrate its businesses in a timely fashion, including realizing synergies anticipated by reduction of duplicative systems and processes. Board of Directors He currently serves on the board of Amgen Inc. and the Charles Schwab Corp. Oder was Safeways executive vice president of labor relations, human resources, legal and public affairs from 1993 to 2000. Contact. Evaluate the most effective solutions with interactive exhibits from leading suppliers. Submit Your Analyst Briefing Safeway Board of Director 1 Board of directors Edwards, 57, will also join the company's Board of Directors. Before joining PepsiCo in 2009, Vivek was a partner at McKinsey and Company, where he served various Fortune 100 companies bringing a strong focus on strategy and operations. He has been Chief Financial officer since 2015 and was ", "This Merger is one of several actions we have taken in recent months as a result of our strategic business review. Gary Steadman's Phone Number and Email Last Update. Safeway Board Members Name & TitleBio Robert Miller CEO Doug MacKenzie Board Member Gary Rogers Board Member George Charters Board To access the website replay, go to the "Investors" link and click on "Presentations and Webcasts." We are excited about continuing this momentum as a combined organization. Kevin Turner (born April 3, 1965) is an American businessman and investor who is currently the chairman of Zayo Group and the vice chairman of Albertsons / Safeway Inc. If the deal is not closed within 12 months, Albertsons can extend the merger agreement by an additional three months under certain circumstances. The sale of the assets of real-estate development subsidiary Property Development Centers, LLC ("PDC") comprised of its shopping center portfolio including certain related Safeway stores, and Mr. Turner served as President and Chief Executive Officer of Core Scientific, an emerging leader in blockchain and artificial intelligence infrastructure, hosting, transaction processing and application development, from July 2018 to May 2021. Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Ms. Allen also served as a member of the Global Board of Directors, Chair of the Global Risk Committee and U.S. Representative of the Global Governance Committee of Deloitte during this time. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Acquisition Funding Board of Directors WAFC You have permission to edit this article. Do Not Sell My Personal Data/Privacy Policy. There can be no assurances that Safeway will be able to sell either or both of PDC or Casa Ley. Board of Directors "Albertsons has successfully transformed underperforming retail grocery stores into strong performers by focusing on enhancing the local customer experience," saidLenard Tessler, Co-Head of Global Private Equity and Senior Managing Director at Cerberus. Prior to that, he served as the company's president and chief operating officer, a position he was named to in 2016. Safeway owns 49% of Casa Ley, the fifth largest food and general merchandise retailer in Mexico based on sales. Robert Edwards Mr. Schumacher has also served on the board of Warrior Met Coal, Inc., a leading producer and exporter of metallurgical coal for the global steel industry, since April 2017, Evertec Inc., a leading electronic transactions and technology company in Latin America, since 2015, Blue Bird Corporation since 2008, and as director of BlueLinx Holdings Inc., a distributor of building products, from 2004 to 2021. 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. Connect and network with a community of food safety professionals throughout the supply chain.
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