Smart & Final Stores Investor Comes Out Against Apollo Takeover

One of Smart & Final Stores Inc.’s largest investors has come out against the food retailer’s plan to sell itself to Apollo Global Management LLC, calling the $497 million deal “untimely and premature.”

Glenhill Capital Advisors, which said it owns about 1% of Smart & Final Stores Inc., argues that the deal -- supported by the company’s largest shareholder, Ares Management Corp. -- disregards the opinions of minority holders that won’t get to vote on it.

“I urge all minority stockholders not to tender into the offer,” Glenhill Capital principal and portfolio manager Glenn Krevlin said May 22 in a ...