Blackwells Capital LLC, an alternative investment management firm with an approximate 7.73% ownership interest in Supervalu Inc. (SVU), announced it has sent a letter to Supervalu shareholders to solicit votes for the election of six qualified candidates to Supervalu's Board at the upcoming 2018 Annual Meeting of shareholders.
Jason Aintabi, Managing Partner at Blackwells Capital, said, "We have lost faith in the current Supervalu Board, but not in Supervalu. Blackwells has attempted to actively engage with the current Board and management in good faith and offered solutions and skills that would help stem the constant decline at Supervalu. Each time, our efforts have been rejected, misrepresented, or, in our view, coopted incompetently. The current Board even refuses to sit down, face-to-face, with our highly qualified, independent nominees, who offer decades' more relevant experience than the current directors."
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