March 19, 2013
/PRNewswire/ -- Symphony Investors LLC ("Symphony") confirmed today that Symphony's tender offer for up to 30% of the shares of common stock (the "Shares") of SUPERVALU Inc. (NYSE: SVU) (the "Company") outstanding as of immediately prior to
New York City
March 20, 2013
(the "Expiration Time") at a purchase price of
per share, net to the seller in cash, without interest and subject to any applicable withholding tax, will expire at the Expiration Time, unless further extended in accordance with the terms of the tender offer agreement (the "Tender Offer Agreement") between Symphony, the Company and Cerberus Capital Management, L.P., the managing member of Symphony ("Cerberus"). Symphony does not currently expect to extend the tender offer beyond its current expiration time.
All of the terms and conditions of the tender offer remain the same.
The depositary for the tender offer has advised Symphony that as of
New York City
March 18, 2013
, approximately 16,933,862 Shares had been validly tendered and not validly withdrawn pursuant to the tender offer. The tendered Shares represent approximately 7.9% of the Shares outstanding as of such time.
In the event that less than 30% of the Shares outstanding as of immediately prior to the expiration of the tender offer are validly tendered and not validly withdrawn in the tender offer, the Company may be required to or may have the option to effect the primary issuance of Shares, at a price per Share equal to the offer price, to Symphony in accordance with Section 1.03 of the Tender Offer Agreement.
This communication contains forward-looking statements. Forward-looking statements include statements that are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "plans," "anticipates," "estimates," "expects," "intends," "seeks" or similar expressions. Forward-looking statements are based on current expectations about future events and are subject to risks, uncertainties and assumptions. You should not place undue reliance on forward-looking statements, which are based on current expectations, since, while Symphony believes the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove accurate. All forward-looking statements included in this communication are made as of the date hereof and, unless otherwise required by applicable law, Symphony undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.