For a competing bidder who did not qualify during the go-shop period, the termination fee would be $250 million. After submitting your request, you will receive an activation email to the requested email address. "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. Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. 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, 2. 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. Distribution of Blackhawk Shares By closing this message or continuing to use our site, you agree to the use of cookies. 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. GuideStar worked with BoardSource, the national leader 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. An RFP is released on an annual basis by invitation only. SAFEWAY A replay of the call will be archived at www.Safeway.com. 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. Mr. Wille has served as a director of NexTier Oilfield Solutions Inc., a provider of hydraulic fracturing, wireline technologies and drilling services, since March 2011. TalentSky Member of the Board of Directors Dec 2015 Target Member of the Board of Directors Safeway Member of the Board of Directors Item 10. Need the ability to download nonprofit data and more advanced search options? From 2010 to 2012, Mr. Fennebresque served as chairman of Dahlman Rose & Co., LLC, an investment bank. WebBurd was President of Safeway from October 26, 1992, until May 14, 2013, and CEO from April 30, 1993, until May 14, 2013. Sign in or create an account to view Form(s) 990 for 2020, 2019 and 2018. ", "This Merger is one of several actions we have taken in recent months as a result of our strategic business review. Mr. Schumacher worked for 23 years at American National Can Corporation and American National Can Group, where he served as Executive Vice President and Chief Financial Officer from 1997 until his retirement in 2000, and Vice President, Controller and Chief Accounting Officer from 1985 until 1996. Timing and Closing Conditions On a present value basis over 15 years, this tax savings, resulting from future tax deductions, is valued at approximately $4.50 per Blackhawk share and $0.70 per Safeway share. Property Development Centers and Casa Ley. 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! Vivek Sankaran Chief Executive Officer and Director. Safeway's shares of Blackhawk are contemplated to be distributed pro-rata to the shareholders, with a current value of $3.95 per Safeway share based on the closing price of Blackhawk's common stock of $25.06 per share on March 5, 2014 and a diluted share count at Safeway of approximately 235 million shares. Safeway Complete Merger Transaction It also brings together two great organizations with talented management teams. 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. ", Respond: Write a letter to the editor | Write a guest opinion. Ching, 52, has been with Safeway since 1994. Mr. Willes experience in the financial and private equity industries, and his in-depth knowledge of the Company and industry, are valuable to our Boards understanding of the Company, its strategic plan, and its financial performance. All Rights Reserved BNP Media. 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. 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. Click on the link in that email We are excited about continuing this momentum as a combined organization. Under the merger agreement, Safeway shareholders will receive $32.50 per share in cash. DELTA NEWS ON THE GO. Item 10. This announcement will be discussed on a conference call with analysts and investors, which is scheduled at 5:30 p.m. Eastern Time today. "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. No store closures are expected as a result of this transaction. Overnight on Wall Street is morning in Europe. Try a low commitment monthly plan today. There can be no assurance that this process will result in a superior proposal. Safeway 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. Learn about the most recent outbreaks, contaminants, and regulations from leading subject matter experts. Benzinga does not provide investment advice. The Merger will enable Albertsons and Safeway to implement operational best practices in order to offer customers an enhanced shopping experience and more competitive prices, while enabling the combined company to pursue industry-leading customer service in an increasingly competitive and dynamic marketplace. There can be no assurance that this process will result in a superior proposal. Safeway : Board Of Directors Declares Quarterly Dividend: PR. This document may be deemed to be solicitation materials in respect of the proposed acquisition of Safeway by AB Acquisition. 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. 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." Safeway has begun discussions with the majority owners of Casa Ley regarding a potential sale of Safeway's interests. Prior to joining Cerberus in 2009, Mr. Galbato served as President and CEO of the Controls Division of Invensys plc, a multinational engineering and information technology company, and President of Professional Distribution and Services at The Home Depot, the largest home improvement retailer in the United States. Garcia is a three-time public company CFO with experience across all aspects of the financial function. 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? Mr. Gibson has been a member of our Board since 2018. A successful competing bidder who makes a superior proposal during the go-shop period would bear a $150 million termination fee. More news: News in other languages on SAFEWAY INC. 2015: He joined Transamerica in 1979 and held various positions before becoming CEO in 1991 and chairman in 1995. Get the latest local business news delivered FREE to your inbox weekly. KENNESAW, Ga., Sept. 30, 2020 The board of directors of BrandSafway, a global leader in access and industrial services, has announced that Karl Fessenden The FNIH encourages the public to take action during OctoberNational Breast Cancer Awareness Monthand help raise awareness and donate to this unique Under certain circumstances, if the Merger fails to close, AB Acquisition would be required to pay Safeway $400 million. Contact. "Similarly, Safeway has consistently provided outstanding value and customer service throughout the communities it serves. Already have a GuideStar Account? This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. 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. This press release contains certain forward-looking statements about the future performance of Safeway, including about the combined Safeway/Albertsons business (the "Combined Entity"). They are part of Read More Cameron Thistle's Phone Number and Email Last Update 4/30/2023 6:28 AM Email c***@safeway.ca Engage via Email Contact Number (***) ***-**** Engage via Phone In connection with the completion of the Merger, it is expected that Safeway's distribution of Blackhawk shares will be taxable to Safeway and Safeway's shareholders. Participants in the Solicitation 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. 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. Safeway Has the board conducted a formal, written self-assessment of its performance within the past three years? Kenneth Oder Board Member. He also served as head of the corporate finance and mergers and acquisitions departments at UBS, a global financial services firm, and was a general partner and co-head of investment banking at Lazard Frres & Co, a leading financial advisory and asset management firm. 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. I am excited to join BrandSafway, a market leader with an outstanding team, a strong commitment to safety, and the broadest portfolio of services and products in the industry, said Fessenden. Previously, Gary was a Director, Online Business Education at Portla nd State University and also held positions at InsideTrack, InsideTrack, Safeway. Safeway's shares of Blackhawk are contemplated to be distributed pro-rata to the shareholders, with a current value of $3.95 per Safeway share based on the closing price of Blackhawk's common stock of $25.06 per share on March 5, 2014 and a diluted share count at Safeway of approximately 235 million shares. Among her other leadership roles at Deloitte, Ms. Allen was partner and regional managing partner responsible for audit and consulting services for several Fortune 500 and large privately held companies. Safeway does not intend to disclose developments with respect to the solicitation process unless and until its Board has made a decision with respect to any potential superior proposal. Steve Burd, Safeway Inc: Profile and Biography general merchandise retailer Casa Ley, S.A. de C.V. ("Casa Ley"). "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. WebSafeway: 1-800-SAFEWAY. Safeway Mr. Wille is currently a Senior Managing Director and Head of Consumer and Retail Private Equity at Cerberus, which he joined in 2006. We're proud to be one of the largest contributors to food banks and feeding programs in the neighborhoods we serve. Thomas Nelson has been working as a Store Director at Safeway for 20 years. Additional Information and Where to Find It Mr. Wille has also been a member of Cerberus Private Equity Investment Committee since 2016. Working together will enable us to create cost savings that translate into price reductions for our customers. 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. Investor Conference Call The Blackhawk distribution is not dependent upon the completion of the Acquisition, and is being undertaken for independent business reasons. Any shareholder wishing to communicate with one or more Board members should address a written communication For a competing bidder who did not qualify during the go-shop period, the termination fee would be $250 million. On a national basis, we fund only organizations working in the area of Hunger through our Nourishing Neighbors Campaign. These statements are based on management's assumptions and beliefs in light of the information currently available to it. WebDirector - Chris Arlaud Director - Thom Brown Director - Tom Freeland Director - Cathy Kloos Director - Jeff Mason Director - Nicole Neumann Director - Debbie Portwood Director - Susan Probst Director - Cathleen Cox Stugard Director - Carla Thuney Director - Lisa Umali Advisor - Dian Emerson Advisor - Carolyn Wimberly 11555 Dublin Canyon Rd The Albertsons Companies Foundation, Email contact available with a Pro subscription. The merger agreement includes a so-called "go-shop" period, during which Safeway, with the assistance of Goldman Sachs, its financial advisor, will actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals. Safeway will soon be initiating a process to sell PDC. No store closures are expected as a result of this transaction. Casa Ley is a private company, and does not publicly disclose financials. Subscribe to stay connected to Tucson. Number 8860726. 2023 Benzinga.com. Board of Directors The diversified network of retail assets, associated distribution centers and manufacturing assets will allow for a broader assortment of products, a more efficient distribution and supply chain, enhanced fresh and perishable offerings, and expanded private label alternatives for customers. Additionally, his deep experience in the financial services industry provides our Board valuable insight into the Companys risk management, financial performance, and strategic plan. There can be no assurance as to the value of PDC and/or Casa Ley or that Safeway shareholders will receive the amount of after-tax net proceeds estimated in this press release, or any amount. WebRobert Edwards, Safeway's current President and Chief Executive Officer, will become President and Chief Executive Officer of the combined company. 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. During the extended time, Safeway would not be permitted to pay a dividend to its shareholders but shareholders would receive additional cash consideration equal to 6% per annum on the $32.50 per share cash price for the number of days that pass during the three month extension until closing. The diversified network of retail assets, associated distribution centers and manufacturing assets will allow for a broader assortment of products, a more efficient distribution and supply chain, enhanced fresh and perishable offerings, and expanded private label alternatives for customers. Renda spent more Gary Steadman has been working as a Store Director at Safeway for 7 years. BrandSafway board of directors appoints new leadership Email. If you experience any issues with this process, please contact us for further assistance. No store closures are expected as a result of this transaction. Latham & Watkins LLP served as Safeway's outside legal counsel. BrandSafway board of directors appoints new leadership, Karl Fessenden joins as CEO and Christian Garcia as EVP and CFO. There are various important factors that could cause actual results to differ materially from those in any such forward-looking statements, many of which are beyond Safeway's control. RICHARD W. DREILING Learn about the organization's key goals, strategies, capabilities, and progress. 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. 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 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. By visiting this website, certain cookies have already been set, which you may delete and block. 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. 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. Officers, directors, trustees, and key employees, Analyze a variety of pre-calculated financial metrics, Access beautifully interactive analysis and comparison tools, Compare nonprofit financials to similar organizations, Revenue and expense data for the current fiscal year, CEO, Board Chair, and Board of Directors information, *with the ability to download the data for 2020, 2019, 2018, 2017, 2016. 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. The initial go-shop period is 21 days. Learn more WebThe average annual salary of Safeway Electronics is estimated to be approximate $77,739 per year. The call will be webcast live at www.Safeway.com. 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. The call will be webcast live at www.Safeway.com. By visiting this website, certain cookies have already been set, which you may delete and block. Greenhill & Co. has also served as financial advisor to Safeway. Want to see how you can enhance your nonprofit research and unlock more insights? Citigroup, lead financial advisor, Bank of America Merrill Lynch and Credit Suisse served as financial advisors to Albertsons, Cerberus and the investor group. WebSteve Burd is Former Chairman/CEO at Safeway Inc. See Steve Burd's compensation, career history, education, & memberships. Keep reading with a digital access subscription. For additional information please refer to Safeway's most recent Form 10-K, 10-Q and 8-K reports filed with the SEC. Mr. Fennebresques extensive experience as a director of several public companies and history of leadership in the financial services industry brings corporate governance expertise and a diverse viewpoint to the deliberations of our Board. Contacts: Investors: Christiane Pelz or Melissa Plaisance Safeway (925) 467-3832 or (925) 467-3136 Mr. Fennebresque previously served on the boards of Ribbon Communications Inc., a provider of network communications solutions, Delta Tucker Holdings, Inc. (the parent of DynCorp International, a provider of defense and technical services and government outsourced solutions), and Rotor Acquisition Corp., a special purpose acquisition company, from November 2020 to June 2021. 1325 Cobb International Drive, Ste. Contact the Board of Directors. 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. WebJoe Korngiebel is Chief Product and Technology Officer at Ceridian. He has been Chief Financial Officer since 2015 and was elected Vice Chair in 2019. 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. Monitor your investments 24 hours a day, around the clock from around the globe. Please check your inbox in order to proceed. Mr. Fennebresque has served as a senior advisor to Cowen Group Inc., a diversified financial services firm, since 2008, where he also served as its Chairman, President and Chief Executive Officer from 1999 to 2008. WinCo Foods tabs Grant Haag as 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. The company's common stock is traded on the New York Stock Exchange under the symbol SWY. Plus expansion candidates and more, Tucson restaurant lands No. The Casa Ley CVR will have a four-year term. The Board can be contacted using one of the two methods below. One of the most feared players in the NFL, the soft-spoken Ndamukong Suh has amassed an impressive real estate portfolio and hopes to use property to close the wealth gap for people of color. There is no assurance that any payments will be made with respect to the sales of PDC and/or Casa Ley, including with respect to the CVRs after the closing of the Merger. Robert Edwards Safeway , Klaff Realty LP, Lubert-Adler Partners LP, and Schottenstein Stores Corporation. SAFEWAY INC This Safeway in a rich Bay Area enclave feels hostile.. 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. Prior to Hersheys, Ms. West was at J.C. Penny Company, Inc., an American department store chain, after having served on its board from November 2005 to May 2015. Ms. Allen served in various leadership roles at Deloitte Touche Tohmatsu Limited during her 40 years of service, including as U.S. Chairman of Deloitte from 2003 until her retirement in May 2011. He has been Chief Financial officer since 2015 and was Board of Directors WAFC Delta Air Lines' (NYSE:DAL) board of directors today announced Vasant Prabhu as its newest member. The merger agreement allows Safeway to pay its regular quarterly dividends over the next 12 months, prior to closing, and to increase the dividend within certain limits, assuming the deal is closed during that time period. Realizing substantial cost savings will allow for investments that are expected to benefit customers, including price reductions as well as store remodels and refurbishments. They used to work at Safeway. Click here to resend it.). Mr. Galbato has served as Co-Chairman of our Board since 2021. He spent 14 years with General Electric, during which time he served in several operating and finance leadership positions within various industrial divisions and as President and CEO of Coregis, a GE Capital company. This filing does not constitute a solicitation of any vote or approval. Kim 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.
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