A lawsuit was filed by an investor in shares of Hillshire Brands Co (NYSE:HSH) in effort to stop the proposed takeover and NYSE:HSH stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/15/2014 -- An investor who currently holds shares of Hillshire Brands Co (NYSE:HSH) filed a lawsuit in effort to halt the proposed takeover of Hillshire Brands Co by Tyson Foods at $63.00 per share.
Investors who purchased shares of Hillshire Brands Co (NYSE:HSH) and currently hold any of those NYSE:HSH 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:HSH stockholders by agreeing to sell Hillshire Brands too cheaply via an unfair process to Tyson Foods, Inc.
On June 9, 2014, The Hillshire Brands Company (NYSE: HSH) confirmed that it has received a unilateral binding offer from Tyson Foods, Inc. (NYSE: TSN) to acquire all of the outstanding common shares of Hillshire Brands for$63.00 per share in cash.
On July 2, 2014, Tyson Foods, Inc. (NYSE: TSN) and The Hillshire Brands Company (NYSE: HSH) announced that they have entered into an agreement under which Tyson Foods will acquire all outstanding shares of Hillshire Brands for $63 per share. In addition, Tyson Foods will be making, on behalf of Hillshire Brands, a payment of the $163 million termination fee associated with the termination of Hillshire Brands’ merger agreement with Pinnacle Foods Inc. (NYSE: PF). On May 12, 2014, the Hillshire Brands Company (NYSE: HSH) and Pinnacle Foods Inc. (NYSE: PF) announced that they have entered into an agreement under which Hillshire Brands will acquire all outstanding shares of Pinnacle Foods in a cash and stock transaction.
The plaintiff claims that the takeover of Hillshire Brands by Tyson Foods, Inc undervalues the Hillshire Brands. In addition, the plaintiff alleges that the process is also unfair to NYSE:HSH stockholders.
Shares of Hillshire Brands Co (NYSE:HSH) grew from $7.08 per share in March 2009 to as high as $37.52 per share in March 2014.
On July 11, 2014, NYSE:HSH shares closed at $62.78 per share.
Those who are current investors in Hillshire Brands Co (NYSE:HSH) 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