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The Grand Rapids Press reports that Loeb Partners, the investment firm that at one point owned 10 percent of Spartan Stores stock and was pushing for management to put the company up for sale, is backing off its quest.

Loeb told the US Securities and Exchange Commission (SEC) that it is it withdrawing its nomination of two hand-picked candidates for Spartan’s board of directors, candidates that presumably would have pursued Loeb’s agenda.

Spartan has been resisting the Loeb initiative.
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