The activist investor pursuing control of Supervalu Inc. sought to take over its grocery-store chains, including Cub Foods, for nothing, the company told shareholders Monday.
Supervalu executives rejected the proposal, which was made at a meeting in January, saying that they would only sell the grocery operations to companies with a background in the business. The exchange revealed a new motive behind the increasingly tense battle between the Eden Prairie-based company and the activist, Blackwells Capital LLC, a New York investment firm.
That battle will climax on Aug. 16, the date of the company's annual meeting. In a regulatory filing announcing the date Monday, Supervalu urged shareholders to support its nominees to the company's board of directors and reject Blackwells' competing slate.
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