SpartanNash Company

In Brief

In March 2022, after months of constructive engagement with management and the Board, Macellum launched a proxy contest to replace directors at SpartanNash to effectuate change. When the campaign began, the stock was trading at $30.55. In response to our campaign, the Company released a 3-year plan which called for significantly higher sales and earnings goals. Macellum’s campaign also called for SpartanNash to explore strategic alternatives. During our campaign there were several reports of potential acquirers and while no deal was consummated it appeared to place a floor on valuation.  While Macellum nominees ultimately did not join the Board, the stock reached a high of $37 within 3 months of our initial public letter.

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