C&S Wholesale Grocers and SpartanNash have entered into a definitive merger agreement, which was unanimously approved by the boards of directors of both companies.
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 percent premium over SpartanNash’s closing price on June 20 of $17.64, and a premium of 42 percent to its 30-day volume-weighted average stock price as of June 20.
SpartanNash’s previously announced quarterly cash dividend of $0.22 per common share will continue to be paid on June 30 to shareholders of record as of the close of business on June 13.
“This is an exciting opportunity for our team members, partners and, notably, our customers,” said C&S CEO Eric Winn. “C&S and SpartanNash share many of the same values, including a stong emphasis on customers, teamwork and our communities. Together, we are uniting some of the most advanced capabilities and boldest innovations in the distribution market to better serve communities across the nation.
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