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BOISE, Idaho -- Albertsons, Inc. shareholders this morning approved the Supervalu consortium merger arrangement, during a special meeting held in New York City.
Larry Johnston, chairman, c.e.o. and president of Albertsons here, said during the meeting that approximately 98 percent of the total voting shares -- representing approximately 60 percent of the company's common shares outstanding on April 24, 2006 (the record date for the special meeting) -- voted for the merger's approval. As a result, the merger agreement for the transaction has been approved. Shareholders also approved a related amendment to the company's Certificate of Incorporation.
Today's vote removes another condition to the closing of the transaction. Subject to obtaining approval today from the shareholders of Supervalu and the satisfaction of other customary closing conditions, the parties will now proceed to close the transaction.
Albertsons' divisions and subsidiaries operate approximately 2,500 stores in 37 states across the U.S. and employ approximately 240,000 associates. Its banners include Albertsons, Acme, Shaw's, Jewel-Osco, Sav-on Drugs, Osco Drug, and Star Market, as well as Super Saver and Bristol Farms, which are operated independently.