For additional information please refer to Safeway's most recent Form 10-K, 10-Q and 8-K reports filed with the SEC. The Casa Ley CVR will have a four-year term. "This Merger is one of several actions we have taken in recent months as a result of our strategic business review. Safeway and Albertson's announced Thursday they have entered into a definitive merger agreement. Mr. Gibson has been a member of our Board since 2018. Accordingly, actual results may differ materially and adversely from those expressed in any forward-looking statements. If Safeway is unable to sell Casa Ley before the four-year expiration of the CVR, shareholders would receive a cash distribution equal to the after-tax fair market value of Safeway's interest in Casa Ley at such time. "Similarly, Safeway has consistently provided outstanding value and customer service throughout the communities it serves. "Similarly, Safeway has consistently provided outstanding value and customer service throughout the communities it serves. For more information about BrandSafway, visit www.brandsafway.com. Robert Edwards and his team have done an outstanding job in positioning Safeway's core business for success, by investing in its stores and creating innovative strategic marketing programs that contribute to shareholder value. 1 on Yelp's SW best eateries, Green Valley bite reminder that it's rattler season in Tucson, Yentzer booted from ballot in race for Tucson mayor, Award-winning journalist takes helm of Arizona Daily Star, state news operations, Threats cause Catalina Foothills School District to cancel meeting, 40 fun events happening in Tucson this weekend April 27-30 , Northern lights spotted over Tucson after powerful solar activity, Arizona coach Tommy Lloyd says Wildcats are 'in great shape' despite current holes in roster, Tucson to study creating city-run electric utility; TEP opposed, Pac-12 basketball picks: Soon-to-depart USC is early league favorite; Arizona slotted 3rd, Tucson Opinion: Confused about Prop 412? These applications are considered throughout the year for invites to our annual RFP in the fall of each year. To access the website replay, go to the "Investors" link and click on "Presentations and Webcasts." Safeway Inc., which operates Safeway, Vons, Pavilion's, Randall's, Tom Thumb, and Carrs stores, is a Fortune 100 company and one of the largest food and drug retailers in the United States with sales of $36.1 billion in 2013. A successful competing bidder who makes a superior proposal during the go-shop period would bear a $150 million termination fee. "Albertsons has successfully transformed underperforming retail grocery stores into strong performers by focusing on enhancing the local customer experience," said Lenard Tessler, Co-Head of Global Private Equity and Senior Managing Director at Cerberus. Managing Director - $601,766 See Other Titles. 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. Previously, Gary was a Director, Online Business Education at Portla nd State University and also held positions at InsideTrack, InsideTrack, Safeway. Im looking forward to helping drive the next phase of the companys growth., With a commitment to safety as its foremost value, BrandSafway provides the broadest range of solutions with the greatest depth of expertise to the industrial, commercial and infrastructure markets. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Schulte Roth & Zabel LLP served as lead outside legal counsel to Albertsons, Cerberus and the investor group, and Dechert LLP, Schulte Roth & Zabel LLP and Baker Botts LLP served as outside legal counsel on antitrust matters. 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. in nonprofit board leadership and governance, to create this section. Delta Board of Directors Names Vasant Prabhu as Newest Member. Mr. Fennebresque has been a member of our Board since 2015. Vivek has an MBA from the University of Michigan, a master's degree in manufacturing from Georgia Institute of Technology and a bachelor's degree in mechanical engineering from the Indian Institute of Technology in Chennai. Latham & Watkins LLP served as Safeway's outside legal counsel. Citigroup, lead financial advisor, Bank of America Merrill Lynch and Credit Suisse served as financial advisors to Albertsons, Cerberus and the investor group. He has deep experience in BrandSafways end markets and a track record of driving commercial and operational excellence in both public and private companies. WebThis Proxy Statement is furnished to our stockholders on behalf of the Board of Directors of Safeway Inc., a Delaware corporation (Safeway or the Company), in connection with They are part of Information Technology Department and AB Acquisition is the owner of Albertson's LLC and New Albertson's, Inc. (collectively "Albertsons") and is controlled by a Cerberus Capital Management, L.P. ("Cerberus")-led investor group, which also includes Kimco Realty Corporation. Mr. Schumachers experience as a director of several public companies, and his deep understanding of accounting principles and risk management, expands the breadth of our Boards expertise in accounting and financial reporting oversight and risk management. The final ratio and the value of the Blackhawk shares will be determined at the time of the distribution and will depend on the market value of Blackhawk at that time and the number of diluted Safeway shares. Ms. West began her career at Kraft Foods and served in various capacities over the course of 21 years and was named its Chief Marketing Officer in 2007. Renda spent more Box 3001. View all management team This profile has not been claimed. 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. Mr. Galbato also served as President and CEO of Armstrong Floor Products and, prior to that, as CEO of Choice Parts. ", "This Merger is one of several actions we have taken in recent months as a result of our strategic business review. 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. , Klaff Realty LP, Lubert-Adler Partners LP, and Schottenstein Stores Corporation. Ms. Wests proven track record of innovation and transformation across myriad facets of retail brings to our Board extensive food and retail industry experience. Register now. Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Help us get you more of the nonprofit information you need, including: An email has been sent to the address you provided. Robert Edwards, Safeway's current President and Chief Executive Officer, will become President and Chief Executive Officer of the combined company. about GuideStar Pro. 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. Do Not Sell My Personal Data/Privacy Policy. 5 things: Dollar stores are trading inflation for loyalty, Data security breach may have exposed Albertsons employee info, Trader Joes workers vote yes to a union in California, 5 things top news: Kroger hit with another lawsuit, 2023 Informa USA, Inc., All rights reserved, Snack idea might help lethargic seafood sales, Theres a sense for something good at IDBBA 2023. Chan Galbato Co-chair. Safeway will soon be initiating a process to sell PDC. Item 10. If the sales of PDC and/or Casa Ley are completed prior to the closing of the Merger, the net proceeds from these sales will be paid to shareholders at or before the closing of the Merger in a special dividend. Ms. Allen has been a member of our Board since 2015. Prabhu is the Vice Chair, Chief Financial Officer of Visa Inc. The Merger does not alter Safeway's previously announced plan to distribute the remaining 37.8 million shares of Blackhawk stock that it owns to its shareholders in mid-April and prior to the completion of the Merger. If Safeway is unable to sell PDC prior to the second anniversary of the closing of the Merger, no payment will be made to Safeway shareholders with respect to PDC and the CVR will expire valueless. Immediately after the Merger, the Board of Directors of Safeway was reconstituted such that Robert G. Miller, Robert L. Edwards, Howard Cohen, Ronald Kravit, Ethan Klemperer, Jay Schottenstein and Hersch Klaff were appointed as the directors of Safeway. The Merger is expected to close in the fourth quarter of 2014 following the satisfaction of customary closing conditions, including approval of the Merger by the holders of a majority of the outstanding shares of Safeway common stock and regulatory approvals including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Greenhill & Co. has also served as financial advisor to Safeway. Established in 1992, Cerberus Capital Management, L.P. is one of the world's leading private investment firms. AB Acquisition is the owner of Albertson's LLC and New Albertson's Inc. and is controlled bya Cerberus Capital Management, L.P.-led investor group, which also includes Kimco Realty Corporation, Klaff Realty LP, Lubert-Adler Partners LP, and Schottenstein Stores Corporation. The Blackhawk distribution is not dependent upon the completion of the Acquisition, and is being undertaken for independent business reasons. Copyright 2023. 2014: Safeway : Announces Receipt of Requisite Consents for its Senior Notes Due 2017: PR. Mr. Prabhu is the Vice Chair, Chief Financial Officer of Visa Inc. Through a network of 340 strategic locations across 30 countries and more than 38,000 employees, BrandSafway delivers a full range of forming, shoring, scaffolding, work access and industrial service solutions. 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.". Distribution of Blackhawk Shares About Cerberus Capital Management, L.P. Gary Steadman's Phone Number and Email Last Update. Additional Information and Where to Find It As a result of the Merger, plus other actions to be taken by the Safeway Board of Directors as described below, including the separate sales of certain other primarily non-core assets, and the distribution of Blackhawk shares, Safeway shareholders are expected to receive total value estimated at $40 per share. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. Robert Edwards and his team have done an outstanding job in positioning Safeway's core business for success, by investing in its stores and creating innovative strategic marketing programs that contribute to shareholder value. If the deal is not closed within 12 months, Albertsons can extend the merger agreement by an additional three months under certain circumstances. Click here to resend it.). Safeway and its directors, executive officers and certain other members of management and employees of Safeway may be deemed "participants" in the solicitation of proxies from shareholders of Safeway in favor of the proposed merger. 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 Do Not Sell or Share My Personal Information. "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. On a combined basis, the value of the CVRs is estimated in the range of $3.45 to $3.85 per share. From its headquarters in New York City and large network of affiliate and advisory offices in the US, Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple sectors, through multiple investment strategies in countries around the world. Join us for The National Provisioners Top Poultry Trends Webinar and hear insights from Elancos technical experts regarding key market conditions impacting the poultry business. The merger agreement was unanimously approved by the Board of Directors of Safeway. GuideStar worked with BoardSource, the national leader If the sales of PDC and/or Casa Ley are completed prior to the closing of the Merger, the net proceeds from these sales will be paid to shareholders at or before the closing of the Merger in a special dividend. 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. Safeway Inc. and Albertsons announced a definitive agreement under which AB Acquisition LLC will acquire all outstanding shares of Safeway. We focus on giving locally in the areas of health and human services, hunger relief, education and helping people living with disabilities. DELTA NEWS ON THE GO. He joined the Board of Directors on September 7, PLEASANTON, Calif. Safeway Inc. announced the appointment of Frank Herringer and Kenneth Oder to the companys board of directors, expanding the board from nine to 11 members. One SE Convenience Boulevard. Submit Your Analyst Briefing Safeway Board of Director 1 Board of directors 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. As one of the largest grocery retailers in North America, we find that supporting hunger relief programs is a natural fit for us. The company is privately owned by Cerberus Capital Management, Kimco Realty Corporation, Klaff Realty, Lubert-Adler Partners, and Schottenstein Stores Corporation, and operates 1,075 stores and 14 distribution centers in 29 states and employs approximately 115,000 associates. The call will be webcast live at www.Safeway.com. Get up-to-the-minute news sent straight to your device. Mr. Wille has served as a member of our Board since 2020. There can be no assurances that Safeway will be able to sell either or both of PDC or Casa Ley. Mr. Turner was a member of the board of Nordstrom, Inc., from 2010 to May 2020. Mr. Galbato is the Chief Executive Officer of Cerberus Operations and Advisory Company, LLC. 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. You must click the activation link in order to complete your subscription. 2014: Empire : Safeway acquisition boosts Sobeys owner Empire's profit: RE. WebBurd was President of Safeway from October 26, 1992, until May 14, 2013, and CEO from April 30, 1993, until May 14, 2013. Vivek Sankaran Chief Executive Officer and Director. Ms. Allen currently serves on the board of Bank of America Corporation and served as a director of First Solar, Inc., a manufacturer of solar panels and a provider of utility-scale PV power plants and supporting services from 2013 to 2022. Please check your inbox in order to proceed. 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. A GuideStar Pro report containing the following information is available for this organization: This information is only available for subscribers and in Premium reports. By visiting this website, certain cookies have already been set, which you may delete and block. WebRobert Edwards holds 3 board and advisor roles including Member of the Board of Directors at TalentSky, Member of the Board of Directors at Target, and Member of the Board of Directors at Safeway. George Charters Board Member Jun 1, 1998. Connect and network with a community of food safety professionals throughout the supply chain. Prior to joining Safeway, he was a partner at Latham & Watkins, a Los Angeles law firm. WebThe company is privately owned by Cerberus Capital Management, Kimco Realty Corporation, Klaff Realty, Lubert-Adler Partners, and Schottenstein Stores Corporation. The FNIH could not have launched I-SPY 2 without the generous contributions from The Safeway Foundation, said Dr. Scott Campbell, Former Executive Director and CEO of the FNIH. Working together will enable us to create cost savings that translate into price reductions for our customers. Read More . You have permission to edit this article. Stock Price Premium Learn about the most recent outbreaks, contaminants, and regulations from leading subject matter experts. Follow the money, Stock Market Today: Wall Street Rises to Cap a Winning April, Powerful New Obesity Drug Poised to Upend Weight Loss Care, Analyst Breaks Down Thursday's Market as Stocks Climb Amid Strong Tech Earnings, Boeing to increase 737 Max production despite ongoing production issues. Together, we will be able to respond to local needs more quickly and deliver outstanding products at the lowest possible price, more efficiently than ever before. Has the board conducted a formal, written assessment of the chief executive within the past year ? No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur. Latham & Watkins LLP served as Safeway's outside legal counsel. WebB. Investors will be able to obtain a free copy of documents filed with the SEC at the SEC's website at http://www.sec.gov. AB Acquisition plans to fund the Merger in part with debt financing of approximately $7.6 billion, equity contributions from its current investors and their affiliates, partners and co-investors of approximately $1.25 billion, and cash on hand of Safeway. Realizing substantial cost savings will allow for investments that are expected to benefit customers, including price reductions as well as store remodels and refurbishments. View all board members Compare Safeway to Competitors Trader Joe's Trader Joe's is a specialty grocery store 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. PDC projects are concentrated in Safeway's urban and suburban markets, and are predominantly located in California and Hawaii. (515) 446-6218 (Phone) (515) 963-3845 (Fax) darren.rebelez@caseys.com. The Casa Ley CVR will have a four-year term. WebSafeway has 1 board of directors, including George Morrow. The merger agreement was unanimously approved by the Board of Directors of Safeway. Forward-Looking Statements Please click here to continue without javascript.. Tyson Foods and Hillshire Brands announce definitive merger agreement, Kroger and Albertsons solidify merger agreement.