By Bridget Goldschmidt
Source: Progressive Grocer
C&S Wholesale Grocers LLC and SpartanNash company have entered into a definitive merger agreement, under which C&S will acquire SpartanNash for a purchase price of $26.90 per share of SpartanNash common stock in cash, representing total consideration of $1.77 billion, including assumed net debt. The transaction price represents a 52.5% premium over SpartanNash’s closing price on June 20 of $17.64, and a premium of 42.0% to its 30-day volume-weighted average stock price as of that date. The deal has been unanimously approved by the boards of directors of both companies.
SpartanNash’s previously revealed quarterly cash dividend of 22 cents per common share will still be paid on June 30 to shareholders of record as of the close of business on June 13.
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