Purchase Price Is Lowered

July 13, 2007
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BYRONCENTER--Publicly-held Spartan Storesis paying less for the June acquisition of the G&R Felpausch grocery chain than previously reported, according to a filing with the Securities and Exchange Commission. The original $38.5 million price was lowered to $38.04 million last month to reflect changes in the purchase agreement, such as accommodation for outstanding gift certificates, among other considerations.

Spartan also paid $12.8 million for inventory, totaling $50.84 million. The sale included 20 grocery stores, two fuel stores and three convenience stores. This spring, Spartan sold $110 million worth of unsecured convertible senior notes, which netted the company $106.5 million, part of which was expected to pay for the Felpausch purchase.     

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