A lawsuit was filed for investors in shares of Arden Group, Inc. (NASDAQ:ARDNA) in effort to halt the proposed takeover and NASDAQ:ARDNA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/28/2014 -- An investor who currently holds shares of Arden Group, Inc. (NASDAQ:ARDNA) filed a lawsuit in effort to halt the proposed takeover of Arden Group, Inc. by global private investment firm TPG for $126.50 per share.
Investors who purchased shares of Arden Group, Inc. (NASDAQ:ARDNA) and currently hold any of those NASDAQ:ARDNA shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:ARDNA stockholders arising out of the attempt to sell Arden Group, Inc too cheaply via an unfair process to TPG.
On December 20, 2013, Arden Group, Inc., parent of Gelson's Markets, an operator of 17 distinctive, full service specialty grocery stores in Southern California, announced that it has entered into an agreement to be acquired by global private investment firm TPG in an all cash transaction valued at approximately $394 million. Under the terms of the agreement, Arden Group's shareholders will receive $126.50 per share in cash for each share of Arden Group's common stock they hold.
However, the plaintiff alleges that the $126.50-offer is too low and undervalues Arden Group, Inc. Indeed, NASDAQ:ARDNA shares reached as high as $135.82 per share on September 10, 2013. Furthermore, Arden Group’s performance improved lately. For instance, it reported that its Total Revenue rose from $429.48 million for the 52 weeks period that ended on December 31, 2011 to $439.04 million for the 52 weeks period that ended on December 29, 2012 and that its respective Net Income increased from $17.00 million to $18.92 million.
In addition, the plaintiff claims that the process is also unfair to NASDAQ:ARDN stockholders. In fact, certain stockholders representing approximately 56% of the outstanding Arden Group Class A common stock are expected to execute a written consent approving the transaction
On January 27, 2014, NASDAQ:ARDNA shares closed at $126.44 per share.
Those who are current investors in Arden Group, Inc. shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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