Buyout Alert - Brazil Fast Foods - Law Firm Seeks Higher Price for Shareholders
NEW YORK, Sept. 30, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Brazil Fast Food Corp. (OTC Markets: BOBS) (the "Company"). The Company announced its entry into a definitive merger agreement pursuant to which Ricardo Figueiredo Bomeny, its CEO, and certain other shareholders representing approximately 74% of the Company's outstanding shares, propose to acquire all outstanding shares of the Company at a price of US$15.50 in cash per share, or a total equity value of approximately US$32,556,045.
Under the terms of the merger agreement, Company stockholders would receive US$15.50 in cash for each outstanding share of Company common stock they own.
The investigation concerns whether the CEO and its board breached their fiduciary duties to shareholders by selling the company to the CEO and his investor group through an unfair process. Indeed, the CEO has major conflicts of interest as he is to seek to sell the company for the highest price possible but here he is seeking to buy the company for himself at the lowest price possible. Indeed, the stock of the company traded at almost $17.50 per share just last week (selling the company at a 13% discount).
If you are a shareholder of BOBS and would like additional information regarding this matter and how it affects your rights as a shareholder at no cost or expense please contact us:
Tripp Levy PLLC is a national law firm with extensive experience in mergers and acquisitions and buyouts and has recovered millions for shareholders around the globe.
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SOURCE Tripp Levy PLLC