SALT LAKE CITY -- The recapitalization of Smith's Food & Drug Centers here, and its subsequent merger with Yucaipa Cos., Los Angeles, is expected to be completed in about 30 days, according to Smith's executives. The company said last week it anticipated commencing a tender offer before the end of April to sell 50% of its common stock at $36 per share, a process that will be completed in 20 business days (or 30 calendar days) after it starts. Once that's done, Yucaipa will merge its Phoenix-based Smitty's Supermarkets chain with a Smith's subsidiary, and Smith's will refinance certain existing indebtedness of both companies to complete the merger. Smith's also reported last week that the closure of its California stores resulted in a 7.2% sales drop and a net loss for the first quarter.