NEW YORK, June 28, 2018 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Pinnacle Foods, Inc. ("PF" or the "Company") (NYSE: PF) in connection with the proposed acquisition of the Company by Conagra Brands, Inc.("CAG"). Under the terms of the acquisition agreement, PF shareholders will receive $43.11 in cash and a 0.6494 of a CAG share for each share of PF share they own, representing consideration of $66.06 per PF share based on CAG's trading price of $35.35.
WeissLaw is investigating whether PF's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $72.00, or approximately $6.00 more than the per share consideration. Additionally, the acquisition is a strategic transaction that will "enhance [CAG's] multi-year transformation plan and expand its presence and capabilities in its most strategic categories," through the addition of PF's impressive portfolio of frozen, refrigerated and shelf-stable products. Moreover, the Company recently announced positive financial results. On May 3, 2018, PF reported diluted EPS of $0.48 as compared to the $0.19 reported in the same period of the previous year.
Given these facts, WeissLaw is investigating whether PF's Board acted in the best interests of PF's public shareholders to maximize shareholder value prior to entering into the agreement. If you own PF shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at [email protected].
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/pinnacle-foods-inc/
SOURCE WeissLaw LLP