The board of directors of Albertsons has commenced a board-led review of potential strategic alternatives aimed at enhancing its growth and maximizing shareholder value.
The review will include an assessment of various balance sheet optimization and capital return strategies, potential strategic or financial transactions, and development of other strategic initiatives to complement Albertsons’ existing businesses, as well as responding to inquiries, according to the company.
Albertsons has retained Goldman Sachs and Credit Suisse to serve as financial advisors to assist in this review.
"The board believes the continuing strength of our business and the scale of our portfolio of assets warrants a deep and considered review of all possible paths towards maximizing value creation,” Chan Galbato, co-chair of the board of directors, said.
“Albertsons operates more than 2,270 stores across 34 states with growing digital and omnichannel capabilities, along with a vast dedicated manufacturing and distribution infrastructure, which have become integral to the fabric of communities across the U.S. The board believes that this review, coupled with an ongoing focus on accelerating our transformation strategy, will create enhanced value for all our stakeholders including our customers, associates and investors,” Galbato said
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The board has not set a timetable for the conclusion of this review, nor has it made any decisions related to any further actions or potential strategic alternatives at this time, Albertsons said.
In addition, the company noted that there can be no assurance that the review will result in any transaction or other strategic change or outcome.
It also was noted that Albertsons does not intend to comment further until it determines that further disclosure is appropriate or necessary.