Smart & Final strikes out on its own

Smart & Final Stores Inc. and First Street Merger Sub Inc., an entity controlled by affiliates of Apollo Global Management, announced the successful completion of the acquisition of the outstanding shares of common stock of Smart & Final.smartfin

“As we turn the page to the next chapter in our almost 150-year history, we are excited to again work with Apollo to capitalize on our unique value proposition in this dynamic grocery marketplace,” said David Hirz, Smart & Final's president and chief executive officer. “We look forward to continued evolution in the Smart & Final and Smart Foodservice store banners, as we endeavor to provide the best shopping experience for our household and business customers across both in-store and digital sales channels.”

The transaction was effected through a cash tender offer for all of the outstanding shares of common stock of Smart & Final followed by a merger.

On June 20, 2019, First Street made payment for the tendered shares and merged wtih Smart & Final. As a result of the tender offer and the merger, Smart & Final became a privately held, indirect wholly owned subsidiary of the Apollo Funds and Smart & Final’s common stock ceased trading on the New York Stock Exchange.

Each outstanding share of common stock that was not validly tendered in the tender offer was cancelled and converted into the right to receive an amount in cash equal to the $6.50 price per share net to the holder thereof, subject to reduction for any applicable withholding taxes in respect thereof, without interest.

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