San Diego, CA -- (SBWIRE) -- 10/20/2014 -- An investigation on behalf of investors, who currently hold shares of Penford Corporation (NASDAQ:PENX), was announced concerning whether the takeover of Penford Corporation. by Ingredion Incorporated is unfair to NASDAQ:PENX stockholders.

Investors who purchased shares of Penford Corporation (NASDAQ:PENX) and currently hold any of those NASDAQ:PENX shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of Penford Corporation breached their fiduciary duties owed to NASDAQ:PENX investors in connection with the proposed acquisition.
On October 15, 2014, Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to diversified industries, announced today that it has entered into a definitive agreement to acquire Penford Corporation (NASDAQ:PENX). As a result of the merger, Penford Corporation (NASDAQ:PENX) shareholders are only anticipated to receive $19 per share in cash in exchange for each share of Penford Corporation (NASDAQ:PENX).

However, the investigation concerns whether the offer is unfair to NASDAQ:PENX stockholders. More specifically, the investigation concerns whether the Penford Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Penford Corporation reported that its total Revenue rose from $433.15 million for the 12 months period that ended on August 31, 2012 to $467.25 million for the 12 months period that ended on August 31, 2013 and that its Net Loss of $9.57 milion for the 12 months period that ended on August 31, 2012 turned to a Net Income of $4.01 million for the 12 months period that ended on August 31, 2013. Shares of Penford Corporation (NASDAQ:PENX) grew from $4.93 per share in late 2011 to as high as $15.09 per share in August 2013, respectively $14.75 per share in September 2014.

On October 16, 2014, NASDAQ:PENX shares closed at $18.64 per share.

Those who are current investors in Penford Corporation (NASDAQ:PENX) 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