An investigation on behalf of investors of Nash-Finch Company (NASDAQ:NAFC) in connection with the proposed takeover was announced and NASDAQ:NAFC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/24/2013 -- An investigation on behalf of investors in Nash-Finch Company (NASDAQ:NAFC) shares was announced concerning whether the offer by Spartan Stores, Inc to acquire Nash-Finch Company for a value of approximately $25.44 NASDAQ:NAFC share and the takeover process are unfair to investors in Nash- shares.
Investors who purchased shares of Nash-Finch Company (NASDAQ:NAFC) prior to July 22, 2013 , and currently hold any of those NASDAQ:NAFC shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Nash-Finch Company (NASDAQ:NAFC breached their fiduciary duties owed to Nash-Finch Company (NASDAQ:NAFC investors in connection with the proposed acquisition.
On July 22, 2013, Spartan Stores, Inc. (Nasdaq: SPTN) and Nash Finch Company (Nasdaq: NAFC) announced that they have entered into a merger agreement under which Spartan Stores and Nash Finch will combine in an all-stock merger valued at approximately $1.3 billion, including existing net debt at each company. Under the terms of the transaction Nash Finch shareholders will receive a fixed ratio of 1.20 shares of Spartan Stores common stock for each share of Nash Finch common stock they own. Based on a closing price of $21.20 per Nasdaq: SPTN share on Friday, July 19, 2013, NASDAQ:NAFC stockholders will receive about $25.44 per share.
Howver, given that following the takeover news NASDAQ:NAFC shares rose in the open market on July 22, 2013, to as high as $28.85 per share, the investigation by a law firm concerns whether the offer is too low for NASDAQ:NAFC stockholders. More specifically, the investigation focuses on whether the Nash-Finch 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.
On July 23, 2013, NASDAQ:NAFC shares closed at $24.46 per share.
Those who are current investors in Nash-Finch Company (NASDAQ:NAFC), 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