<SUBMISSION>
<ACCESSION-NUMBER>0000950123-06-006636
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20060518
<ITEMS>8.01
<FILING-DATE>20060519
<DATE-OF-FILING-DATE-CHANGE>20060518
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ALBERTSONS INC /DE/
<CIK>0000003333
<ASSIGNED-SIC>5411
<IRS-NUMBER>820184434
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0131
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-06187
<FILM-NUMBER>06853582
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>250 PARKCENTER BLVD
<STREET2>P O BOX 20
<CITY>BOISE
<STATE>ID
<ZIP>83726
<PHONE>2083956200
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>250 PARKCENTER BLVD
<STREET2>P O BOX 20
<CITY>BOISE
<STATE>ID
<ZIP>83726
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>l20440ae8vk.htm
<DESCRIPTION>ALBERTSON'S, INC.        8-K
<TEXT>
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<TITLE>Albertson's, Inc.        8-K</TITLE>
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
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<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Date of report (Date of earliest event reported): May&nbsp;18, 2006</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Albertson&#146;s, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center">
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    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-6187</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>82-0184434</B></TD>
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</TD>
    <TD>&nbsp;</TD>
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</TD>
    <TD>&nbsp;</TD>
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</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other<BR>
Jurisdiction<BR>
of Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File No.)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
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</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>250 Parkcenter Blvd, P.O. Box 20<BR>
Boise, Idaho 83726</B><BR>
(Address of Principal Executive Offices) (Zip Code)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Registrant&#146;s telephone number, including area code:<BR>
<B>(208)&nbsp;395-6200</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">N/A
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Former Name or Former Address, if Changed Since Last Report)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
</DIV>

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    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

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    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
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</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</TD>
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</TABLE>
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;8.01. Other Events.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On May&nbsp;18, 2006, Albertson&#146;s, Inc. (&#147;Albertsons&#148;) entered into a memorandum of understanding for
settlement with the plaintiff in the previously disclosed putative class action lawsuit filed in
the Fourth Judicial District of the State of Idaho for the County of Ada captioned <I>Christopher
Carmona v. Henry Bryant et al.</I>, No.&nbsp;CV-OC-0601251. In connection with executing the memorandum of
understanding, which remains subject to definitive documentation and the approval of the court,
Albertsons has agreed to provide this disclosure of additional details of the circumstances and
events leading up to Albertsons&#146; execution of definitive agreements relating to the series of
proposed transactions (the &#147;Transactions&#148;) that, if approved, will result in the acquisition of
Albertsons by a consortium of investors (the &#147;Consortium&#148;) including SUPERVALU INC. (&#147;Supervalu&#148;),
an investor group led by Cerberus Capital Management, L.P., and CVS Corporation. The circumstances
and events that led to the execution of the definitive agreements relating to the Transactions can
be found in a joint proxy statement/prospectus (the &#147;Proxy Statement/Prospectus&#148;) filing made on
April&nbsp;28, 2006, by New Albertson&#146;s, Inc. (a subsidiary of Albertsons) and Supervalu.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As described in the Proxy Statement/Prospectus, on November&nbsp;30, 2005, Albertsons received a
proposal from one of the financial buyer consortia that had indicated an interest in Albertsons
(which is referred to in the Proxy Statement/Prospectus and this Report on Form 8-K as
&#147;Recapitalization Proposal #1&#148;). Recapitalization Proposal #1 did not involve the acquisition of
Albertsons, but rather was a proposal for a significant recapitalization transaction in which (i)
Albertsons would agree to acquire a smaller traditional grocery operator affiliated with the
proponent in a stock-for-stock transaction, (ii)&nbsp;Albertsons would engage in a leveraged repurchase
of 50% of Albertsons&#146; outstanding common stock at a premium to the then-current trading price, and
(iii)&nbsp;the proponent of this transaction would invest $1.0&nbsp;billion in exchange for a significant
equity position in Albertsons, including warrants that would allow it to acquire 10% of Albertsons&#146;
stock in the event that the stock price of Albertsons&#146; shares doubled from the projected
post-tender offer stock price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As described in the Proxy Statement/Prospectus, Albertsons&#146; management and legal and financial
advisors had discussions with the proponents of Recapitalization Proposal #1 at various times
during December&nbsp;2005. During this time, the proponents of Recapitalization Proposal #1 made three
alternative proposals for their recapitalization transaction: (i)&nbsp;that the self-tender offer be
conducted at $30 per share, and that their $1.0&nbsp;billion investment in the equity of Albertsons be
at $24 per share; (ii)&nbsp;that the self-tender offer be conducted at $27.50 per share, and that their
$1.0&nbsp;billion investment in the equity of Albertsons be at $27.50 per share (such $1.0&nbsp;billion
investment to be made through the purchase of newly-issued shares from Albertsons or by
acquisitions of Albertsons shares in the open market); and (iii)&nbsp;that the self-tender offer be
conducted at $30.00 per share, and that their $1.0&nbsp;billion investment in the equity of Albertsons
be at $27.00 per share. Based on the information provided by the proponent, under certain
circumstances Recapitalization Proposal # 1 would not result in a &#147;change in control&#148; of
Albertsons, as defined in the agreements between Albertsons and various members of its management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Albertsons&#146; board of directors considered the various iterations of Recapitalization Proposal #1 in
several board meetings taking place during December&nbsp;2005, as described in the Proxy
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Statement/Prospectus. The Albertsons board also considered the potential risks of the various
iterations of Recapitalization Proposal #1, including the relative uncertainty of the value that
would be delivered to Albertsons stockholders. As compared to the proposal by the Consortium, a
smaller percentage of the consideration ultimately received by Albertsons stockholders under
Recapitalization Proposal #1 would be cash. In addition, it was uncertain whether the higher
trading multiples projected by the proponents of Recapitalization Proposal #1 would actually be
achieved. The Albertsons board also considered that the Recapitalization Proposal #1 involved
substantial execution risk: the proponents had not performed as much due diligence as the
Consortium had, and as a result, Albertsons&#146; advisors believed that the proposal was substantially
less firm than the proposal offered by the Consortium. In addition, the contemplated acquisition
that was a part of Recapitalization Proposal #1 would involve the acquisition of a separate
publicly traded company that had not yet reviewed or approved the transaction. Recapitalization
Proposal #1 also contemplated future divestitures of Albertsons&#146; non-core assets, and it was
uncertain whether these divestitures would be achieved on favorable terms or at all. Finally,
aside from the relatively greater risks and uncertainties associated with Recapitalization Proposal
#1, Albertsons&#146; financial advisors calculated that unless there was a significant increase in the
company&#146;s trading multiple, the expected aggregate value to Albertsons&#146; stockholders under
Recapitalization Proposal #1 (taking into account the cash to be received in the self-tender offer
and the value of the residual equity interests) would be less than the value that would be received
by Albertsons&#146; stockholders under the proposal offered by the Consortium. Although the proponent
had experience in the grocery business, the Albertsons board of directors, in view of the foregoing
considerations and the considerations described in the Proxy Statement/Prospectus, taken as a
whole, believed that Recapitalization Proposal #1 was not as attractive to Albertsons&#146; stockholders
as the proposal offered by the Consortium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with its review of the proposed Transaction with the Consortium, the Albertsons board
of directors noted, among other things, the fact that Goldman, Sachs &#038; Co. (&#147;Goldman Sachs&#148;) and
The Blackstone Group L.P. (&#147;Blackstone&#148;) would be entitled to transaction fees that would be
payable upon the completion of the Transactions, and that the amount of such transaction fees might
have been lower if certain other strategic alternatives, such as Recapitalization Proposal #1, had
been pursued. The Albertsons board of directors noted, however, that the fees of Goldman Sachs and
Blackstone were based on the value to be received by Albertsons stockholders, and that the
compensation paid to Albertsons&#146; third financial advisor (which had also opined that, as of the
date of its opinion, the consideration to be received by Albertsons&#146; stockholders in the proposed
merger with Supervalu was fair from a financial point of view to such holders) was not contingent
on the completion of any transaction.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: May&nbsp;18, 2006
</DIV>


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<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ALBERTSON&#146;S, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John R. Sims
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">John R. Sims&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and
General Counsel&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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