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SpartanNash Investors Block Bid To Revamp Company's Board: What You Need To Know

SpartanNash Co (NASDAQ: SPTN) shareholders rejected board nominations from activist investors on Thursday morning, according to a report from Crain’s

Benzinga · 06/09/2022 15:58

SpartanNash Co (NASDAQ:SPTN) shareholders rejected board nominations from activist investors on Thursday morning, according to a report from Crain’s Detroit Business.

The activist investors, Macellum Advisors and Ancora Holdings Group, wanted to replace three SpartanNash board members. 

SpartanNash is a food distribution company headquartered in Grand Rapids, Michigan. Amazon.com Inc (NASDAQ:AMZN) is a major investor in SpartanNash, holding more than 5 million shares. 

Activist Investors: Together, Macellum and Ancora own 4.5% of SpartanNash. The activist investors have said they are pushing for changes, including a potential acquisition of the company. 

According to Crain's, shareholders of SpartanNash voted to retain all nine members of its board. 

"Today's outcome reinforces that SpartanNash shareholders recognize that the company's strategy is working, and the company has the right board in place to continue guiding the business forward," SpartanNash said in a statement. 

Macellum Advisors is a New York City-based investment firm that owns 5% of Kohl’s Corporation (NYSE:KSS).

About Macellum, Ancora: Macellum also tried to replace members of Kohl’s board but failed in that bid.

Ancora is a Chicago-based firm currently trying to force a sale of Everbridge Inc (NASDAQ:EVBG), a software company trading down more than 75% from its highs. 

SPTN Price Action: SpartanNash shares were trading down 5.29% at $32.24 Thursday afternoon.