A lawsuit was filed for investors in shares of Pinnacle Foods Inc. (NYSE: PF) in connection with the proposed takeover and NYSE: PF stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/13/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of Pinnacle Foods Inc. (NYSE: PF), filed a lawsuit against the takeover of Pinnacle Foods Inc. by Conagra Brands, Inc.
Investors who purchased shares of Pinnacle Foods Inc. (NYSE: PF) and currently hold any of those NYSE: PF shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: PF stockholders by agreeing to sell Pinnacle Foods Inc. cheaply via an unfair process.
Parsippany, NJ based Pinnacle Foods Inc. manufactures, markets, and distributes branded convenience food products in North America. On June 27, 2018, Conagra Brands, Inc. (NYSE: CAG) and Pinnacle Foods Inc. (NYSE: PF) announced that their boards of directors have approved an agreement under which Conagra Brands will acquire all outstanding shares of Pinnacle Foods in a cash and stock transaction valued at approximately $10.9 billion, including Pinnacle Foods' outstanding net debt. Under the terms of the transaction, Pinnacle Foods shareholders will receive $43.11 per share in cash and 0.6494 shares of Conagra Brands common stock for each share of Pinnacle Foods held. The implied price of $68.00 per Pinnacle Foods share is based on the volume-weighted average price of Conagra Brands' stock for the five days ended June 21, 2018.
However, plaintiff claims that the proposed consideration NYSE: PF shareholders will receive is grossly inadequate and undervalues Pinnacle Foods Inc.. Indeed, at least one analyst has set the high target price for NYSE: PF shares at $72.00 per share. In addition, the plaintiff alleges that the process is also unfair NYSE: PF stockholders.
Those who are current investors in Pinnacle Foods Inc. (NYSE: PF) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com