An investigation on behalf of investors of Food Technology Service Inc (NASDAQ:VIFL) in connection with the proposed takeover was announced and NASDAQ:VIFL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/30/2013 -- An investigation on behalf of investors, who currently hold shares of Food Technology Service Inc (NASDAQ:VIFL) shares, was announced concerning whether the takeover of Food Technology Service Inc by an affiliate of Sterigenics International LLC for $7.23 per share is unfair to NASDAQ:VIFL stockholders.
Investors who purchased shares of Food Technology Service Inc and currently hold any of those NASDAQ:VIFL shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Food Technology Service Inc breached their fiduciary duties owed to NASDAQ:VIFL investors in connection with the proposed acquisition.
On December 6, 2013, Food Technology Service Inc announced that it entered into a merger agreement, dated December 5, 2013, under which the Company will be acquired by an affiliate of Sterigenics International LLC, a portfolio company of GTCR, LLC. Under the terms of the merger agreement, upon completion of the transaction, the shareholders of Food Technology Service Inc (other than holders of excluded shares and dissenting shares, as described in the merger agreement) will receive $7.23 per share in cash.
However, the investigation concerns whether the $7.23-offer is unfair to NASDAQ:VIFL stockholders. More specifically, the investigation concerns whether the Food Technology Service 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.
Food Technology Service Inc reported that its annual Total Revenue rose from $2.52 million in 2009 to $3.96 million in 2012.
Shares of Food Technology Service Inc (NASDAQ:VIFL) grew from $1.03 per share in early 2009 to as high as $7.526 per share in September 2011.
On December 27, 2013, NASDAQ:VIFL shares closed at $7.08 per share.
Those who are current investors in Food Technology Service Inc shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com