Ares, Citi, Jefferies Defeat Suit Over $497 Million Apollo Deal

Affiliates of Ares, Citigroup, and Jefferies prevailed over claims they breached their duties to a food retailer’s investors by arranging an underpriced $497 million sale of Smart and Final Stores Inc. to Apollo.

Ex-Smart and Final shareholder Glenn J. Krevlin, principal and portfolio manager of Glenhill Capital Advisors at the time, failed to show that the Ares Management Corp. funds controlling the food company kept key information from shareholders before the investors voted in favor of selling to Apollo Global Management Inc., Delaware’s Chancery Court said Monday.

“Nothing in this grab-bag of issues constitutes a disclosure deficiency,” Vice ...