This excerpt taken from the SPTN 10-Q filed Oct 16, 2008.
On October 13, 2008, Spartan Stores entered into an Asset Purchase Agreement (the "Purchase Agreement") with VG's Food Center, Inc. and VG's Pharmacy, Inc. (collectively, "VG's"), to acquire certain operating assets of VG's, a privately held retail grocery operator, and a current customer of the Distribution segment, with 17 retail stores located in southeastern Michigan. Under the terms of the Purchase Agreement, Spartan Stores would acquire and assume store leases, leasehold improvements and certain operating assets associated with those stores, VG's trademarks, trade names and intangibles, and certain other property for a purchase price of $85.0 million in cash. Spartan Stores would also purchase inventories.
Spartan Stores intends to finance this acquisition with available cash and borrowings on its senior secured revolving credit facility and expects the transaction to be completed late in its fiscal 2009 third quarter. The closing of the transaction is subject to a number of conditions stated in the Purchase Agreement. These conditions include, among others, that Spartan Stores be satisfied with its due diligence investigation; that certain consents and certificates be obtained from landlords and a variety of other third parties affected by the transaction; and that required regulatory approvals be obtained. The Purchase Agreement also contains representations and warranties of both parties, indemnification agreements, termination rights, and a variety of covenants and agreements.
This excerpt taken from the SPTN 10-Q filed Oct 14, 2005.
On September 16, 2005, Spartan Stores sold a vacant parcel of land for $2.3 million resulting in a pre-tax gain on sale of approximately $1.4 million. The gain will be recorded in other income in the third quarter of Fiscal 2006.
In December 2004, Spartan Stores began a process of exploring strategic alternatives including mergers, acquisitions, or sale of the company. In February 2005, Spartan Stores retained the services of an investment banking firm to assist with this process. On September 30, 2005, the Board of Directors decided that the best course of action, at this time, is to continue its present strategic course including improving category management, new store construction or expansions, new fuel centers and pharmacies, expanding its distribution customer base and pursuing opportunistic retail acquisitions of existing distribution customer stores and other operators that fill in the company's geographic markets. In the second quarter of fiscal 2006, expenses of approximately $.6 million were incurred for advisory fees related to the evaluation of strategic alternatives. An additional $.3 million to $.5 million for residual advisory fees is expected to be recorded in Selling, general and administrative expenses in the third quarter of Fiscal 2006.