NEW YORK, May 13, 2014 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Pinnacle Foods Inc. ("Pinnacle" or "the Company") (NYSE: PF) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to The Hillshire Brands Company ("Hillshire") (NYSE: HSH).
Under the terms of the transaction, Pinnacle shareholders will receive $18.00 in cash and 0.5 shares of Hillshire common stock for each share of Pinnacle stock they own. The proposed transaction is valued at approximately $4.3 billion. The investigation concerns whether the Pinnacle Board of directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Hillshire is underpaying for Pinnacle shares. In particular, at least one financial analyst set a target high price for Pinnacle stock at $35.00 per share.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.com