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.
"The vote is in no way related to our announcement last week that we would be reviewing strategic alternatives and it will have no impact on that review," said Mike Semienas, a Supervalu spokesman.
Supervalu held its annual meeting in St. Louis, where its Sav-A-Lot and Shop'n Save grocery chains are based.
MIKE HUGHLETT
