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Minneapolis-based Supervalu Inc’s subsidiary discount chain Save-A-Lot may soon be acquired by private equity firm Onex Corp.
Supervalu’s shares jumped 9.6% Thursday following the news, Bloomberg reports. Toronto-based Onex was said to have made the highest bid for Save-A-Lot, which Supervalu has been considering selling since early August. The discount division is valued at $1.8B and Supervalu hopes the sale will allow the two companies to focus efforts on their own operations.
The retailer is expected to announce its decision within the next two weeks. The chain's shares rose as much as $5 following the report, its largest intraday increase since Aug. 15. [Bloomberg]
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