Spartan Nash Co PSTN shareholders on Thursday morning rejected board nominations from activist investors, according to a report from Crain’s Detroit Business.
Activist investors Macellum Advisors and Ancora Holdings Group wanted to replace three SpartanNash board members.
SpartanNash is a food distribution company headquartered in Grand Rapids, Michigan. Amazon.com Inc. AMZN is a major investor in SpartanNash, owning over 5 million shares.
Activist Investors: Together, Macellum and Ancora own 4.5% of SpartanNash. Activist investors said they were pushing for changes, including a potential acquisition of the company.
According to Crain’s, SpartanNash shareholders voted to retain all nine members of its board of directors.
“Today’s result reinforces that SpartanNash shareholders recognize that the company’s strategy is working and that the company has the right board in place to continue to guide the company,” said SpartanNash in a statement.
Macellum Advisors is a New York-based investment firm that owns 5% of Kohl’s Society KSS.
About Macellum, Ancora: Macellum also tried to replace Kohl’s board members, but was unsuccessful in that bid.
Ancora is a Chicago-based company currently trying to force the sale of Everbridge Inc. EVBGa software company that has lost over 75% of its highs.
SPTN Price Action: Shares of SpartanNash were trading down 5.29% at $32.24 on Thursday afternoon.