NEW YORK — Cerberus Capital Management here is close to an agreement on the acquisition of certain parts of Supervalu, the Wall Street Journal reported Friday.
Under terms of the tentative deal, Cerberus, which owns Albertsons LLC, would invest $500 million for a piece of Minneapolis-based Supervalu’s diverse portfolio of assets, and would also get a stake in Supervalu, which would remain public. It was not clear what assets Cerberus would acquire, although previous reports indicated it was interested in Supervalu’s Albertsons banner to reunite the two Albertsons chains.
The Journal said a deal could be announced within a week, although it noted that terms were not yet finalized.
Read more: Cerberus Said to Eye Albertsons, Save-A-Lot
In a statement, a Supervalu spokesman told SN, “The previously announced review of strategic alternatives is proceeding. The company continues to be in active discussion with several parties. There can be no assurance that this process will result in any transaction or any change in the Company's overall structure or its business model.”
Supervalu’s stock rose by about 18%, to more than $3 a share, after the report was posted on the Journal’s website.
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