JACKSONVILLE, Fla. — Shareholders of Winn-Dixie Stores on Friday approved by a wide margin the acquisition of the company by Mauldin, S.C.-based Bi-Lo for $9.50 per share, or about $60 million, according to reports.
About 39.9 million shares were voted in favor of the merger, vs. 950,000 against, according to a report in the Jacksonville Business Journal. The merger is expected to be completed on Friday.
The two companies had agreed to the acquistion in December. As previously reported, Randall Onstead, the current chairman of Bi-Lo, will become the president and chief executive officer of the combined companies. Peter Lynch, who led Winn-Dixie through bankruptcy as the company’s chairman, president and CEO, said he planned to leave after the merger is completed.
The two chains, which are expected to retain their current banners, will have about 690 stores across the Southeast. Bi-Lo is owned by Dallas-based private-equity group Lone Star Funds.