NEW YORK, July 3, 2014 /PRNewswire/ -- Morgan & Morgan announces that it is investigating potential claims against the Board of Directors of Vitacost.com, Inc. ("Vitacost" or the "Company") (NASDAQ: VITC) concerning the proposed acquisition of the Company by the Kroger Co. (KR). Under the terms of the definitive merger agreement, Vitacost stockholders will receive $8.00 in cash for each share of Vitacost common stock they own, valuing the transaction at approximately $280 million.
Morgan & Morgan's investigation concerns whether the Vitacost Board of Directors breached its fiduciary duties to act in the best interest of Vitacost shareholders by agreeing to the proposed transaction and whether the proposed consideration adequately values the Company's common stock.
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SOURCE Morgan & Morgan