A lawsuit was filed by investor in shares of Penford Corporation (NASDAQ:PENX) in effort to stop the proposed takeover and NASDAQ:PENX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/04/2014 -- An investor, who currently holds shares of Penford Corporation (NASDAQ:PENX), filed a lawsuit in effort to halt the proposed takeover of Penford Corporation. by Ingredion Incorporated.
Investors who purchased shares of Penford Corporation (NASDAQ:PENX) and currently hold any of those NASDAQ:PENX 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 NASDAQ:PENX stockholders by agreeing to sell Penford Corporation too cheaply via an unfair process to Ingredion Incorporated
On October 15, 2014, Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to diversified industries, announced today that it has entered into a definitive agreement to acquire Penford Corporation (NASDAQ:PENX). As a result of the merger, Penford Corporation (NASDAQ:PENX) shareholders are only anticipated to receive $19 per share in cash in exchange for each share of Penford Corporation (NASDAQ:PENX).
However, the plaintiff claims that the offer is too low and undervalues Penford Corporation. Indeed, Penford Corporation reported that its total Revenue rose from $433.15 million for the 12 months period that ended on August 31, 2012 to $467.25 million for the 12 months period that ended on August 31, 2013 and that its Net Loss of $9.57 million for the 12 months period that ended on August 31, 2012 turned to a Net Income of $4.01 million for the 12 months period that ended on August 31, 2013. Shares of Penford Corporation (NASDAQ:PENX) grew from $4.93 per share in late 2011 to as high as $15.09 per share in August 2013, respectively $14.75 per share in September 2014.
On October 31, 2014, NASDAQ:PENX shares closed at $18.85 per share.
Those who are current investors in Penford Corporation 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