The shareholders are giving this a huge Bronx cheer.
People were looking for a quick $26 and to go home, and now there is that uncertainty. Will they be able to find a new set of players?
I think $26 became less attractive given the extra risks. They're running their negotiations as well as they seem to be operating their stores, which is pretty darn poorly.
When the average investor wants to know how the market is doing, they're asking how the Dow is doing.
It was a hairy deal. It had four different moving parts, so you can imagine the concern. I think $26 became less attractive given the extra risks.
This is not what Larry Johnston envisioned when he took on the job, but amid relentless competition there was just a very long path to profitability.
This deal would really vault Supervalu into the big time. It will significantly increase the scale of Supervalu.
Current management failed to come up with a winning strategy to fend off the competition at the low end with Wal-Mart and at the high end. There is no strategy other than cutting costs.
