An investigation on behalf of investors of Fogo De Chao Inc (NASDAQ:FOGO) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 02/26/2018 -- The takeover of Fogo De Chao Inc is under investigation over possible wrongdoing.
Investors who purchased shares of Fogo De Chao Inc (NASDAQ:FOGO) and currently hold any of those NASDAQ:FOGO 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 Fogo De Chao Inc breached their fiduciary duties owed to NASDAQ:FOGO investors in connection with the proposed acquisition.
Dallas, TX based Fogo de Chao, Inc. is a United States-based holding company, that, through its subsidiaries, operates upscale Brazilian churrascaria steakhouses under the brand of Fogo de Chao. Fogo De Chao Inc went public in 2015 and shares of Fogo De Chao Inc (NASDAQ:FOGO) traded as high as $25.75 per share. On February 20, 2018, Fogo De Chao Inc (NASDAQ:FOGO)announced an agreement to be acquired by investment entities affiliated with Rhône Capital (together with its affiliates, "Rhône"). Under the terms of the agreement, Rhône will acquire the Company in an all cash transaction valued at $560 million. The Company's stockholders will receive $15.75 per share, representing a 25.5 percent premium to the closing share price of the Company's shares on February 16, 2018.
However, the investigation concerns whether the offer is unfair to NASDAQ:FOGO stockholders. More specifically, the investigation concerns whether the Fogo De Chao 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.
Fogo De Chao Inc reported that its Total Revenue rose from $271.63 million for the 53 weeks period that ended on January 3, 2016 to $288.30 million for the 52 weeks period that ended on January 1, 2017.
On February 23, 2018, NASDAQ:FOGO shares closed at $15.60 per share.
Those who are current investors in Fogo De Chao Inc (NASDAQ:FOGO) 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