Just in- tender more than 30% but Cerberus want more. Offer extendend to March 20th
"Symphony Investors LLC ("Symphony") announced today that Symphony has extended the expiration of its tender offer for up to 30% of the outstanding shares of common stock (the "Shares") of SUPERVALU Inc. (the "Company") at a purchase price of $4.00 per share, net to the seller in cash, without interest and subject to any applicable withholding tax, to 5:00 p.m., New York City time, on March 20, 2013, unless further extended in accordance with the terms of the tender offer agreement between Symphony, the Company and Cerberus Capital Management, L.P., the managing member of Symphony ("Cerberus").
The tender offer was previously scheduled to expire at 5:00 p.m. New York City time, on February 25, 2013. Except for the extension of the expiration date, all other terms and conditions of the tender offer remain the same.
The depositary for the tender offer has advised Symphony that as of 5:00 p.m., New York City time, on February 25, 2013, approximately 89,413,596 Shares had been tendered and not withdrawn pursuant to the tender offer. The tendered Shares represent approximately 42% of the outstanding Shares. "
Thanks. That's the explanation. I had forgotten this aspect, as they stated in the press release announcing the sale and tender offer: "...and the closing of Symphony Investors acquisition of SUPERVALU common stock pursuant to the Tender Offer Process is conditioned on, among other things, closing of the Sale. "
Has SVU given any indication of when they expect the sale of the stores to AB Acquisition to close?