Ms. Allen also served as a member of the Global Board of Directors, Chair of the Global Risk Committee and U.S. Representative of the Global Governance Committee of Deloitte during this time. Safeway 2014: Safeway : Announces Receipt of Requisite Consents for its Senior Notes Due 2017: PR. AB Acquisition plans to fund the Merger in part with debt financing of approximately $7.6 billion, equity contributions from its current investors and their affiliates, partners and co-investors of approximately $1.25 billion, and cash on hand of Safeway. He has been Chief Financial Officer since 2015 and was elected Vice Chair in 2019. There is no assurance that any payments will be made with respect to the sales of PDC and/or Casa Ley, including with respect to the CVRs after the closing of the Merger. Board of Directors Markets never sleep, and neither does Bloomberg News. Schulte Roth & Zabel LLP served as lead outside legal counsel to Albertsons, Cerberus and the investor group, and Dechert LLP, Schulte Roth & Zabel LLP and Baker Botts LLP served as outside legal counsel on antitrust matters. If the PDC sale and/or Casa Ley sales are not completed by the closing of the Merger, Safeway shareholders will receive a non-transferable contingent value right (a "CVR"), which will provide shareholders with their pro-rata share of the net proceeds from the PDC and/or Casa Ley sales, as applicable, subject to the terms and conditions of the CVRs. Bob Miller, Albertsons current Chief Executive Officer, will become Executive Chairman. During the extended time, Safeway would not be permitted to pay a dividend to its shareholders but shareholders would receive additional cash consideration equal to 6% per annum on the $32.50 per share cash price for the number of days that pass during the three month extension until closing. GuideStar worked with BoardSource, the national leader about GuideStar Pro. PDC's portfolio consists of 25 properties with an estimated three million square feet, and is comprised of 11 operating assets, nine projects under construction, and five projects in the due diligence and entitlement phases. Safeway has begun discussions with the majority owners of Casa Ley regarding a potential sale of Safeway's interests. Kennesaw, GA 30152, Spider Powered Suspended Access Solutions. The PDC CVR will have a two-year term. in nonprofit board leadership and governance, to create this section. Vivek joined Albertsons Companies, Inc. in April 2019 and serves as the companys Chief Executive James L. Donald Co-chair. Sharon L. Allen Director. By visiting this website, certain cookies have already been set, which you may delete and block. If the sales of PDC and/or Casa Ley are completed prior to the closing of the Merger, the net proceeds from these sales will be paid to shareholders at or before the closing of the Merger in a special dividend. Item 10. The final ratio and the value of the Blackhawk shares will be determined at the time of the distribution and will depend on the market value of Blackhawk at that time and the number of diluted Safeway shares. Accordingly, actual results may differ materially and adversely from those expressed in any forward-looking statements. As a result of the Merger, plus other actions to be taken by the Safeway Board of Directors as described below, including the separate sales of certain other primarily non-core assets, and the distribution of Blackhawk shares, Safeway shareholders are expected to receive total value estimated at $40 per share. Safeway CEO And Leadership: Executives and If Safeway is unable to sell PDC prior to the second anniversary of the closing of the Merger, no payment will be made to Safeway shareholders with respect to PDC and the CVR will expire valueless. 1 on Yelp's SW best eateries, Green Valley bite reminder that it's rattler season in Tucson, Yentzer booted from ballot in race for Tucson mayor, Award-winning journalist takes helm of Arizona Daily Star, state news operations, Threats cause Catalina Foothills School District to cancel meeting, 40 fun events happening in Tucson this weekend April 27-30 , Northern lights spotted over Tucson after powerful solar activity, Arizona coach Tommy Lloyd says Wildcats are 'in great shape' despite current holes in roster, Tucson to study creating city-run electric utility; TEP opposed, Pac-12 basketball picks: Soon-to-depart USC is early league favorite; Arizona slotted 3rd, Tucson Opinion: Confused about Prop 412? BrandSafway board of directors appoints new leadership Supermarket News is part of the Informa Connect Division of Informa PLC. Safeway We focus on giving locally in the areas of Education; Hunger Relief; Health and Human Services; and Helping People Living with Disabilities. The merger agreement includes a so-called "go-shop" period, during which Safeway, with the assistance of Goldman Sachs, its financial advisor, will actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals. No store closures are expected as a result of this transaction. This document may be deemed to be solicitation materials in respect of the proposed acquisition of Safeway by AB Acquisition. Mr. Wille previously served as a director of the Company from January 2015 to June 2020. He also served as a member of the Federal Accounting Standards Advisory Board from 2002 through June 2012. About Cerberus Capital Management, L.P. Help us get you more of the nonprofit information you need, including: An email has been sent to the address you provided. Through a network of 340 strategic locations across 30 countries and more than 38,000 employees, BrandSafway delivers a full range of forming, shoring, scaffolding, work access and industrial service solutions. One of the most feared players in the NFL, the soft-spoken Ndamukong Suh has amassed an impressive real estate portfolio and hopes to use property to close the wealth gap for people of color. These applications are considered throughout the year for invites to our annual RFP in the fall of each year. Steven Burd - Wikipedia WebBurd was President of Safeway from October 26, 1992, until May 14, 2013, and CEO from April 30, 1993, until May 14, 2013. By closing this message or continuing to use our site, you agree to the use of cookies. Over his ten-year career at PepsiCo, in addition to leading Frito-Lay, Vivek also served as the chief commercial officer for PepsiCo North America, Chief Customer Officer of Frito-Lay, and as the Senior Vice President of Strategy for PepsiCo. Submit Your Analyst Briefing Safeway Board of Director 1 Board of directors Robert Edwards, Safeway's current President and Chief Executive Officer, will become President and Chief Executive Officer of the combined company. He currently serves on the board of Amgen Inc. and the Charles Schwab Corp. Oder was Safeways executive vice president of labor relations, human resources, legal and public affairs from 1993 to 2000. The call will be webcast live at www.Safeway.com. and who do the programs serve? For a competing bidder who did not qualify during the go-shop period, the termination fee would be $250 million. Safeway Complete Merger Transaction Gary Steadman's Phone Number and Email Last Update. The combined value for Safeway shareholders who receive both a distribution of Blackhawk shares and the aggregate cash and contingent consideration in the Merger, based on Safeway's current estimates of the value of the contingent consideration, would represent a premium of 72 percent over Safeway's closing share price of $23.27 on March 6, 2013, one year ago; 56 percent over Safeway's closing price of $25.62 on September 6, 2013, six months ago; and 17 percent over Safeway's closing share price of $34.10 on February 18, 2014, the day before Safeway announced it was in discussions regarding a potential sale of the company. The estimated values for PDC and Casa Ley are based on analyses that Safeway has performed with the help of financial advisors, valuations from independent third parties and market information. ", Respond: Write a letter to the editor | Write a guest opinion. The merger agreement allows Safeway to pay its regular quarterly dividends over the next 12 months, prior to closing, and to increase the dividend within certain limits, assuming the deal is closed during that time period. Director The Merger does not alter Safeway's previously announced plan to distribute the remaining 37.8 million shares of Blackhawk stock that it owns to its shareholders in mid-April and prior to the completion of the Merger. Overnight on Wall Street is morning in Europe. Mr. Willes experience in the financial and private equity industries, and his in-depth knowledge of the Company and industry, are valuable to our Boards understanding of the Company, its strategic plan, and its financial performance. From 2010 to 2012, Mr. Fennebresque served as chairman of Dahlman Rose & Co., LLC, an investment bank. Albertsons and Safeway Complete Merger Transaction Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Formed in 2008, PDC is a wholly owned subsidiary of Safeway Inc., engaged in retail shopping center development and capitalizing on Safeway's core real estate competency. For more information, please visit www.Safeway.com. You can sign up for additional alert options at any time. Kenneth Oder Board Member. Our current Board of Directors consists of seven members. Registered in England and Wales. He will retire from Visa on Sept. 30. From 2012 to 2014, Ms. West served as Executive Vice President & Chief Category and Marketing Officer of Mondelez International, Inc., the snack foods division spun off from Kraft Foods, Inc. in 2012. WebSteve Burd is Former Chairman/CEO at Safeway Inc. See Steve Burd's compensation, career history, education, & memberships. 11555 Dublin Canyon Rd The Albertsons Companies Foundation, Email contact available with a Pro subscription. Safeway and Albertsons Announce Definitive Merger The Blackhawk distribution is not dependent upon the completion of the Acquisition, and is being undertaken for independent business reasons. Learn More Contacts: Investors: Christiane Pelz or Melissa Plaisance Safeway (925) 467-3832 or (925) 467-3136 The company is well positioned for continued success and growth.. The company's common stock is traded on the New York Stock Exchange under the symbol SWY. Safeway's existing indebtedness is contemplated to be repaid at closing, other than capital leases and the company's 5.00% Senior Notes due 2019, 3.95% Notes due 2020, 4.75% Senior Notes due 2021, 7.45% Debentures due 2027 and 7.25% Debentures due 2031. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Mr. Wille has served as a member of our Board since 2020. Mr. Gibson has been a member of our Board since 2018. No, it never stops, Kroger, Albertsons may need to divest even more stores, Thoughts on the Kroger, Albertsons merger (Part 3). There can be no assurance that this process will result in a superior proposal. Safeway, Albertson's announce merger agreement, Tucson's west-side resort, Starr Pass, sold for $110 million, Cocktails on a train car and boutique bowling coming to Tucson, Pac-12 mailbag: Is an Arizona departure worst-case scenario for Pac-12? By closing this message or continuing to use our site, you agree to the use of cookies. A replay of the call will be archived at www.Safeway.com. Renda spent more Prabhu is the Vice Chair, Chief Financial Officer of Visa Inc. PLEASANTON, Calif. Safeway Inc. announced the appointment of Frank Herringer and Kenneth Oder to the companys board of directors, expanding the board from nine to 11 members. "Similarly, Safeway has consistently provided outstanding value and customer service throughout the communities it serves.