Spartan Stores, Inc., (Nasdaq:SPTN) a leading regional grocery distributor and retailer, today announced that its Board of Directors has declared a quarterly cash dividend of $0.09 per common share, to be paid on November 15, 2013 to shareholders of record as of November 1, 2013.
Due to the pending merger with Nash-Finch Company, this quarterly cash dividend is being paid approximately one month earlier than Spartan Stores typically pays its second fiscal quarter dividend. As part of the Agreement and Plan of Merger between Spartan Stores and Nash-Finch, the companies agreed to coordinate the declaration, setting of record dates, and payment dates of dividends for the purpose of reducing the risk that Nash-Finch stockholders would receive dividends for the same calendar quarter on shares of Nash-Finch common stock and on shares of Spartan Stores common stock received as merger consideration, or that Nash-Finch stockholders would fail to receive a dividend on either shares of Nash-Finch common stock or shares of Spartan Stores common stock received as merger consideration for a calendar quarter.
About Spartan Stores
Grand Rapids, Michigan-based Spartan Stores, Inc. (Nasdaq: SPTN) is the nation's ninth largest grocery distributor with 1.4 million square feet of warehouse, distribution, and office space located in Grand Rapids, Michigan. The Company distributes more than 40,000 private and national brand products to approximately 380 independent grocery locations in Michigan, Indiana and Ohio, and to the Company’s 102 corporate owned stores located in Michigan, including Family Fare Supermarkets, Glen's Markets, D&W Fresh Markets, VG's Food and Pharmacy, Forest Hills Foods and Valu Land.
This press release contains forward-looking statements. Although we expect to continue to pay a quarterly cash dividend, adoption of a dividend policy does not commit the Board of Directors to declare future dividends. Each future dividend will be considered and declared by the Board of Directors at its discretion. Whether the Board of Directors continues to declare dividends and repurchase shares depends on a number of factors, including our future financial condition, anticipated profitability and cash flows and compliance with the terms of our credit facilities. There can be no assurance that the proposed merger with Nash-Finch Company will be completed. The completion of the transaction is subject to closing conditions, including the approval of the shareholders of Spartan Stores and stockholders of Nash-Finch. Additional information about the proposed merger and risks associated with that transaction appear in our prospectus and proxy statement dated October 15, 2013. Additional information about the risk factors to which Spartan Stores is exposed and other factors that may adversely affect these forward-looking statements is contained in Spartan Stores' reports and filings with the Securities and Exchange Commission. Other risk factors exist and new risk factors may emerge at any time. Given these risks and uncertainties, actual results may be materially different than stated expectations, and investors should not place undue reliance on forward-looking statements as predictions of future results. Spartan Stores undertakes no obligation to update or revise any forward-looking statements to reflect developments or information obtained after the date of this press release.