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    Supervalu Files Definitive Joint Proxy Statement/Prospectus

    MINNEAPOLIS -- Supervalu here issued the proxy statement confirming that it has received the official green light for the proposed acquisition of Albertsons from the Securities and Exchange Commission (SEC).

    MINNEAPOLIS -- Supervalu here issued the proxy statement confirming that it has received the official green light for the proposed acquisition of Albertsons from the Securities and Exchange Commission (SEC).

    Once complete, the combination of Supervalu with the components of Albertsons it is buying is expected to create the nation's third-largest grocery retail company and to triple the size of Supervalu's retail operations. The acquisition is expected to be immediately double-digit accretive to diluted earnings per share, excluding the one-time costs related to the transaction, Supervalu said.

    "We are now on the home stretch and anticipate the transaction to close by mid-June," said Jeff Noddle, Supervalu's chairman and c.e.o. "We're pleased that this transaction has proceeded smoothly and now look forward to putting it to shareholders for their approval. The combination of our two companies creates tremendous value for both Supervalu and Albertson's shareholders and produces a truly formidable competitor with strong market share positions, powerful retail brands, significant size and scale and a solid financial platform."

    The merger will be presented for shareholder approval at a special meeting of Supervalu stockholders on May 30, 2006. At the special meeting, Supervalu will ask its shareholders to authorize the issuance of shares of its common stock in connection with the acquisition.

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