PLEASANTON, Calif. — Safeway shareholders on Friday approved the proposed merger with Albertsons with 70% of the outstanding shares and 96% of the shares voting for the merger.
Two other merger-related proposals were also approved at the company's annual meeting, including a non-binding advisory proposal to approve the merger-related compensation for the named executive officers (96% in favor) and the adjournment of the annual meeting, if necessary or appropriate, to solicit additional proxies if there are insufficient votes at the time of the annual meeting to approve and adopt the merger agreement (90% in favor).
Stockholders elected each of the nine directors by a vote percentage of at least 87% and approved the appointment of Deloitte & Touche to serve as the company's independent registered accounting firm for the 2014 fiscal year.
In March, Safeway and Albertsons announced a definitive agreement under which AB Acquisition will acquire all outstanding shares of Safeway in a deal valued at more than $9.1 billion. The transaction is expected to close in the fourth quarter of this year.