Supervalu Shareholders Approve New Structure To Assist Selling Off Retail Units

Supervalu Inc. shareholders have approved a reorganization of the food distribution firm that is designed to make it easier to sell its retail operations.

The decision was the most consequential at a later-than-usual annual meeting last week that, until the company's sale was announced last month, would also have marked the climactic end of a proxy battle between management and an activist shareholder.

The shareholder, Blackwells LLC, withdrew an effort to replace Supervalu's board of directors a few days after the Eden Prairie company on July 26 announced it had agreed to be purchased by United Natural Foods Inc., a distributor specializing in organic and natural foods. United Natural Foods offered a 67 percent premium for Supervalu shares.

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