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.
Activist Materials
- June 7, 2022: Macellum and Ancora Issue Letter Regarding the Need to Elect Directors with Additive Expertise in Operations, Supply Chain and Strategic Planning to SpartanNash’s Board
- May 31, 2022: ISS Recommends SpartanNash Shareholders Vote for Boardroom Change on Macellum and Ancora’s BLUE Proxy Card
- May 17, 2022: Macellum and Ancora Issue Supplemental Presentation Regarding SpartanNash
- May 10, 2022: Macellum and Ancora Release Presentation Regarding the Urgent Need for Boardroom Change at SpartanNash
- May 2, 2022: Macellum and Ancora Question SpartanNash’s Apparent Reluctance to Explore Reported Acquirer Interest
- April 19, 2022: Macellum Proxy Statement
- April 19, 2022: Macellum’s Letter to Shareholders
- March 18, 2022: Macellum’s Letter to Shareholders