San Diego, CA -- (SBWire) -- 05/04/2018 --The Shareholders Foundation announces that an investor, who currently holds shares of Rite Aid Corporation (NYSE:RAD), filed a lawsuit against the takeover of Rite Aid Corporation by Albertsons Companies is unfair to NYSE:RAD stockholders.
Investors who purchased shares of Rite Aid Corporation (NYSE:RAD) and currently hold any of those NYSE:RAD shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:RAD stockholders by agreeing to sell Rite Aid Corporation cheaply via an unfair process.
On February 20, 2018, Albertsons Companies and Rite Aid Corporation (NYSE:RAD) announced a merger agreement under which privately held Albertsons Companies will merge with publicly traded Rite Aid.
Under the terms of the agreement, in exchange for every 10 shares of Rite Aid common stock, Rite Aid shareholders will have the right to elect to receive either (i) one share of Albertsons Companies common stock plus approximately $1.83 in cash or (ii) 1.079 shares of Albertsons Companies stock.
However, plaintiff claims that the proposed consideration NYSE:RAD shareholders will receive is grossly inadequate and undervalues Rite Aid Corporation. Indeed, at least one analyst has set the high price target for NYSE:RAD shares at $2.50 per share and NYSE:RAD shares traded in the open market in early 2017 as high as $8.66 per share. In addition, the plaintiff alleges that the process is also unfair NYSE:RAD stockholders. Indeed
Those who are current investors in Rite Aid Corporation (NYSE:RAD) 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
NYSE:RAD Shareholder Notice: Lawsuit Filed Against Acquisition of Rite Aid Corporation
A lawsuit was filed for investors in shares of Rite Aid Corporation (NYSE:RAD) in connection with the proposed takeover and NYSE:RAD stockholders should contact the Shareholders Foundation.