Total Logistics (NASDAQ:TLCX)
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SUPERVALU Launches Tender Offer for Total Logistics, Inc.
MINNEAPOLIS, Jan. 7 /PRNewswire-FirstCall/ -- SUPERVALU INC. (NYSE:SVU)
announced today that one of its wholly owned subsidiaries has commenced a
previously announced tender offer for all of the outstanding shares of common
stock of Total Logistics, Inc. (NASDAQ:TLCX) at $28.50 per share, net to
seller, in cash. The tender offer is being made pursuant to an Agreement and
Plan of Merger, dated as of January 4, 2005 among SUPERVALU INC., Total
Logistics, Inc. and SUPERVALU's subsidiary. The tender offer will expire at
12:00 midnight EST, February 4, 2005, unless extended. The offer is conditioned
upon, among other things, there being validly tendered and not withdrawn more
than 75 percent of shares outstanding of Total Logistics, Inc., on a fully
diluted basis. Wells Fargo Bank, N.A. is the Depository, Lazard Freres & Co.
LLC is the Dealer Manager and Innisfree M&A Incorporated is the Information
Agent for the tender offer.
This announcement is neither an offer to purchase nor a solicitation of an
offer to sell shares of Total Logistics, Inc. SUPERVALU is filing a tender
offer statement today with the Securities and Exchange Commission (SEC) and
Total Logistics, Inc. is filing a solicitation/recommendation statement with
respect to the offer. Total Logistics, Inc. shareholders are advised to read
the tender offer statement regarding the acquisition of Total Logistics, Inc.
referenced in this news release, and the related solicitation/recommendation
statement. The tender offer statement and the solicitation/recommendation
statement contain important information, which should be read carefully before
any decision is made with respect the offer. These documents will be made
available to all shareholders of Total Logistics, Inc. service at no expense to
them. These documents will also be available at no charge on the SEC's web site
at http://www.sec.gov/ .
About SUPERVALU INC.
Celebrating its 135th year of fresh thinking, SUPERVALU INC., a Fortune 100
company, is one of the largest companies in the United States grocery channel.
With annual revenues of approximately $20 billion, SUPERVALU holds leading
market share positions across the U.S. with its more than 1,500 retail grocery
locations, including licensed Save-A-Lot locations. With its Save-A- Lot
format, the company holds the number one market position in the extreme value
grocery retail sector. Through SUPERVALU's geographically diverse distribution
network, the company provides distribution and related logistics support
services to nearly 4,500 grocery retailers across the nation. In addition,
SUPERVALU's third-party logistics business provides end-to-end supply chain
management solutions that deliver value for manufacturers, consumer products
retailers and food service customers. SUPERVALU currently has more than 55,000
employees. For more information about SUPERVALU visit
http://www.supervalu.com/ .
DATASOURCE: SUPERVALU INC.
CONTACT: Lynne High, Media, +1-952-828-4515, ,
or Yolanda Scharton, Investors, +1-952-828-4540,
, both of SUPERVALU INC.
Web site: http://www.supervalu.com/