Shareholders OK Stater Bros. Buyout
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SAN BERNARDINO — About 96% of Stater Bros. Inc. shareholders have approved a $12-million buyout to take the Colton, Calif.-based supermarket chain private.
The buyout still needs a fairness opinion from the California Department of Corporations, which could take up to two weeks, said the department’s senior counsel, Wallace M. Wong.
Chairman and President Jack H. Brown said he believed that there would be sufficient time for a decision by the Dec. 1 deadline.
The plan has been challenged in court by Bernard R. Garrett, former chairman of the chain of 97 markets.
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