PLEASANTON, CA - Safeway stockholders finally had the chance to vote on the company's proposed merger with Albertsons this past Friday at Safeway's 2014 Annual Meeting of Stockholders. The results were overwhelmingly in favor of the merger. According to a press release, 70% of the outstanding shares and 96% of the shares voted FOR the merger.
In addition, 96% approved a non-binding advisory proposal to approve the merger-related compensation for specified executive officers and 90% voted in favor of “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.”
Other issues voted on by stockholders at the meeting were:
- The Advisory Vote on Executive Compensation: 99% FOR
- GMO Labeling: 90% AGAINST
- Extended Producer Responsibility: 88% AGAINST
According to a press release, stockholders also elected the company's nine execetuive directiors and tapped Deloitte & Touche LLP to be Safeway's independent registered accounting firm for the 2014 fiscal year during the meeting.
