Spartan Stores, Inc. (Nasdaq: SPTN) and Nash Finch Company (Nasdaq: NAFC) today announced the completion of their merger. Spartan Stores, Inc. will use the corporate name of SpartanNash Company, with the official name change to SpartanNash expected to become effective at the annual shareholders meeting in May 2014. The combined company will continue to conduct business as Spartan Stores, Nash Finch and MDV in their respective markets. The common stock of SpartanNash will trade under the symbol “SPTN” on the Nasdaq Stock Exchange beginning today.
“This merger brings together two highly complementary organizations to form a leader in the grocery wholesale, retail and military commissary and exchange channels,” said Dennis Eidson, President and Chief Executive Officer of Spartan Stores. “We would like to thank all of our stakeholders, including our shareholders, associates, customers and suppliers, for their support in completing this significant achievement. We look forward to leveraging our new platform with its broader customer base and geographic reach to create significant long-term value for our shareholders.”
Spartan Stores and Nash Finch shareholders approved the merger during separate shareholder meetings held yesterday. Over 99% of Spartan Stores shares voting on the proposed issuance of stock to Nash Finch stockholders in the merger voted in favor. Over 98% of Nash Finch shares voting on the proposal voted in favor of the merger. Under the terms of the merger agreement, each share of Nash Finch common stock was converted into 1.20 shares of Spartan Stores common stock. Former Spartan Stores shareholders own approximately 57.7% of the equity of the combined company and former Nash Finch shareholders own approximately 42.3%. The combined company has approximately 38 million shares outstanding.
SpartanNash’s Board of Directors includes seven directors from Spartan Stores’ previous board and four directors from Nash Finch’s previous board. In addition to Craig Sturken, who will serve as Chairman of the Board of Directors and Mr. Eidson, President and Chief Executive Officer, the other members of the Board of Directors include: M. Shan Atkins, Frank M. Gambino, Yvonne R. Jackson, Elizabeth A. Nickels and Timothy J. O’Donovan, former members of the board of directors of Spartan Stores and William R. Voss, Mickey P. Foret, Douglas A. Hacker and Hawthorne L. Proctor, former members of the board of directors of Nash Finch.
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