Pinnacle (PF) Alert: Johnson Fistel Investigates Proposed Sale of Pinnacle Foods Inc.; Are Shareholders Getting a Fair Deal?
Pinnacle (PF) Alert: Johnson Fistel Investigates Proposed Sale of Pinnacle Foods Inc.; Are Shareholders Getting a Fair Deal? |
[27-June-2018] |
SAN DIEGO, June 27, 2018 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Pinnacle Foods Inc. ("Pinnacle") (NYSE: PF) breached their fiduciary duties in connection with the proposed sale of the Company to Conagra Brands, Inc. ("Conagra") (NYSE: CAG). On June 27, 2018, Pinnacle announced that it had signed a definitive merger agreement with Conagra. Under the terms of the transaction, Pinnacle shareholders will receive $43.11 per share in cash and 0.6494 shares of Conagra common stock for each share of Pinnacle held, implying an offer price of about $68. However, shareholders will be subject to the future price fluctuation of Conagra 's stock price. The investigation concerns whether the Pinnacle board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Pinnacle shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given one Wall Street analyst has a $72.00 price target on the stock. If you are a shareholder of Pinnacle and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number. About Johnson Fistel, LLP: Contact: View original content:http://www.prnewswire.com/news-releases/pinnacle-pf-alert-johnson-fistel-investigates-proposed-sale-of-pinnacle-foods-inc-are-shareholders-getting-a-fair-deal-300673190.html SOURCE Johnson Fistel, LLP | ||
Company Codes: NYSE:CAG, NYSE:PF |
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