SAN DIEGO, June 27, 2018 /PRNewswire/ -- Shareholder
rights law firm Johnson Fistel, LLP has launched an investigation
into whether the board members of Pinnacle Foods Inc. ("Pinnacle")
(NYSE: PF) breached their fiduciary duties in connection with the
proposed sale of the Company to Conagra Brands, Inc. ("Conagra")
(NYSE: CAG).
On June 27, 2018, Pinnacle
announced that it had signed a definitive merger agreement with
Conagra. Under the terms of the transaction, Pinnacle shareholders
will receive $43.11 per share in cash
and 0.6494 shares of Conagra common stock for each share of
Pinnacle held, implying an offer price of about $68. However, shareholders will be subject to the
future price fluctuation of Conagra 's stock price.
The investigation concerns whether the Pinnacle board failed to
satisfy its duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for Pinnacle
shares of common stock. Nationally recognized Johnson Fistel is investigating whether the
proposed deal represents adequate consideration, especially given
one Wall Street analyst has a $72.00
price target on the stock.
If you are a shareholder of Pinnacle and believe the proposed
buyout price is too low or you're interested in learning more about
the investigation or your legal rights and remedies, please contact
lead analyst Jim Baker
(jimb@johnsonfistel.com) at 619-814-4471. If emailing,
please include a phone number.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP