Under the terms of the transaction, Harris Teeter shareholders will receive only $49.38 in cash for each share of Harris Teeter stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Harris Teeter for not acting in the Company's shareholders' best interests in connection with the sale process. The transaction provides only a slight premium above the $48.32 the stock traded at on May 29, 2013 and the $48.44 the stock traded at on June 17, 2013. In addition, the transaction may undervalue the Company as 86 percent of Harris Teeter's 208 outlets are in Virginia and North Carolina, which are two of the fastest-growing states in the Country.
If you own shares of Harris Teeter common stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org, by visiting http://brodsky-smith.com/609-htsi-harris-teeter-supermarkets-inc.html, or calling toll free 877-LEGAL-90.
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