San Diego, CA -- (SBWIRE) -- 07/25/2016 -- The acquisition of Golden Enterprises, Inc is under investigation over potential wrongdoing. The investigation was announced on behalf of investors, who currently hold NASDAQ:GLDC shares, concerning whether the takeover of Golden Enterprises, Inc. by Utz Quality Foods, Inc. of Hanover, PA for $12.00 per share is unfair.

Investors who purchased shares of Golden Enterprises, Inc. (NASDAQ:GLDC) and currently hold any of those NASDAQ:GLDC shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The investigation by a law firm concerns whether certain Golden Enterprises directors breached their fiduciary duties owed to NASDAQ:GLDC investors in connection with the proposed acquisition.

On July 19, 2016, Golden Enterprises, Inc. and Utz Quality Foods, Inc. of Hanover, PA announced that they entered into a merger agreement on July 18, 2016, pursuant to which Utz Quality Foods, Inc. of Hanover, PA will acquire Golden Enterprises, Inc and NASDAQ:GLDC will receive $12.00 per share in cash.

However, the investigation concerns whether the offer is unfair to NASDAQ:GLDC stockholders. More specifically, the investigation concerns whether the Golden Enterprises Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Shares of Golden Enterprises, Inc. (NASDAQ:GLDC) closed on July 22, 2016 at $11.87 per share.

Those who are current investors in Golden Enterprises, Inc. shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com