An investigation on behalf of investors of SUPERVALU INC. (NYSE: SVU) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 08/07/2018 -- The takeover of SUPERVALU INC. is under investigation concerning whether the acquisition of SUPERVALU INC. by United Natural Foods, Inc is unfair to NYSE: SVU stockholders.
Investors who purchased shares of SUPERVALU INC. (NYSE: SVU) and currently hold any of those NYSE: SVU 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 directors of SUPERVALU INC. breached their fiduciary duties owed to NYSE: SVU investors in connection with the proposed acquisition.
Eden Prairie, MN based SUPERVALU INC., together with its subsidiaries, operates as a grocery wholesaler and retailer in the United States and internationally. SUPERVALU INC. reported that its annual Total Revenue rose from over $10.91 billion for the 12 months period that ended on February 25, 2017 to over $14.15 billion for the 12 months period that ended on February 24, 2018.
On July 26, 2018, United Natural Foods, Inc. (NASDAQ: UNFI) and SUPERVALU INC. (NYSE: SVU) announced that they have entered into an agreement under which UNFI will acquire SUPERVALU for $32.50 per share in cash, or approximately $2.9 billion, including the assumption of outstanding debt and liabilities.
However, given that at least one analyst has set the high target price for NYSE:SVU shares at $55.00 per share, the investigation concerns whether the offer is unfair to SUPERVALU INC. (NYSE: SVU stockholders. More specifically, the investigation concerns whether the SUPERVALU INC. (NYSE: SVU 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.
Shares of SUPERVALU INC. (NYSE: SVU), closed on August 6, 2018, at $32.09 per share.
Those who are current investors in SUPERVALU INC. (NYSE: SVU) 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