NEW YORK, June 28, 2018 /PRNewswire/ -- WeissLaw LLP
is investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Pinnacle Foods, Inc.
("PF" or the "Company") (NYSE: PF) in connection with the proposed
acquisition of the Company by Conagra Brands, Inc.("CAG").
Under the terms of the acquisition agreement, PF
shareholders will receive $43.11 in
cash and a 0.6494 of a CAG share for each share of PF share they
own, representing consideration of $66.06 per PF share based on CAG's trading price
of $35.35.
WeissLaw is investigating whether PF's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $72.00, or approximately $6.00 more than the per share consideration.
Additionally, the acquisition is a strategic transaction that
will "enhance [CAG's] multi-year transformation plan and
expand its presence and capabilities in its most strategic
categories," through the addition of PF's impressive portfolio of
frozen, refrigerated and shelf-stable products. Moreover, the
Company recently announced positive financial results. On
May 3, 2018, PF reported diluted EPS
of $0.48 as compared to the
$0.19 reported in the same period of
the previous year.
Given these facts, WeissLaw is investigating whether PF's Board
acted in the best interests of PF's public shareholders to maximize
shareholder value prior to entering into the agreement. If
you own PF shares and would like more information about your rights
or our investigation, or if you have information to share with us,
please contact Joshua Rubin
by telephone at (888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/pinnacle-foods-inc/
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SOURCE WeissLaw LLP