SPTN Director Bentley Fred Disposes Shares in C&S Cash Merger at $26.90
Rhea-AI Filing Summary
Bentley Fred, a director of SpartanNash Company (SPTN), reported transactions on 09/22/2025 tied to the company's merger with C&S Wholesale Grocers, LLC. At the merger's effective time, all SpartanNash common shares were cancelled and converted into the right to receive $26.90 per share in cash. Bentley's Form 4 shows two dispositions: 9,587 shares and 7,847 shares (including restricted stock units that automatically vested and converted), leaving him with 0 SpartanNash shares following the transactions. The Form 4 was signed by an attorney-in-fact on Bentley's behalf.
Positive
- Cash consideration of $26.90 per share was provided for all outstanding common stock
- Restricted stock units automatically vested and were cash-settled, ensuring RSU holders received the same per-share cash payment
Negative
- Reporting director holds 0 shares after the transaction, eliminating insider equity exposure in SpartanNash
- All outstanding common stock was cancelled, concluding public equity interests reflected in this filing
Insights
TL;DR: A cash merger resulted in full conversion of equity to $26.90 per share, eliminating reported insider holdings.
The Form 4 documents a material corporate event where all outstanding common stock and outstanding restricted stock units were converted into a cash payment of $26.90 per share under the Merger Agreement with C&S Wholesale Grocers, LLC. The reporting director disposed of 9,587 and 7,847 shares (the latter representing vested RSUs), resulting in zero shares beneficially owned after the effective time. This is a definitive liquidity event for holders reflected in insider reporting; the filing is procedural confirmation of consideration paid and termination of equity positions.
TL;DR: Insider disclosure confirms merger mechanics: cancellation of stock, automatic RSU vesting, and cash-out at $26.90 per share.
The disclosure clearly states that the Merger Agreement provided for immediate cancellation of outstanding shares and automatic vesting and cash settlement of restricted stock units at the $26.90 per-share cash consideration. The Form 4 is consistent with required Section 16 reporting following a change-in-control transaction and documents that the reporting officer/director no longer holds equity or derivative exposures in SpartanNash post-closing.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Common Stock | 9,587 | $26.90 | $258K |
| Disposition | Common Stock | 7,847 | $26.90 | $211K |
Footnotes (1)
- On September 22, 2025, C&S Wholesale Grocers, LLC acquired the Issuer pursuant to an Agreement and Plan of Merger dated June 22, 2025 (the "Merger Agreement") by and among SpartanNash Company, New Mackinac HoldCo, Inc., Mackinac Merger Sub, Inc., and C&S Wholesale Grocers, LLC. At the Effective Time (as defined in the Merger Agreement), all outstanding SpartanNash Company stock was canceled immediately prior to the Effective Time and converted into the right to receive a cash payment of $26.90 a share. Pursuant to the Merger Agreement, each SpartanNash restricted stock unit ("SpartanNash RSU") outstanding immediately prior to the Effective Time automatically vested and was cancelled and converted into the right to receive a cash payment of $26.90 in respect of each share of SpartanNash Company stock subject to such SpartanNash RSU.
