Supervalu shareholders Tuesday rejected a proposal that would have lowered the percentage of shareholders required to approve the sale of all or parts of the company.
Last week, the embattled Eden Prairie-based supermarket operator announced it was undertaking a "strategic review," which could include a whole or partial sale. Supervalu, one of the nation's largest supermarket operators, has 11 separate chains and a major food distribution business.
At the company's annual meeting Tuesday, shareholders voted down a measure that would have reduced the supermajority needed to approve a whole or partial sale from 75 percent to 66 2/3 percent.
The proposal was submitted by a Supervalu shareholder this spring, and has been in the company's proxy statement since May.
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