A lawsuit was filed by investor in shares of The Pantry Inc (NASDAQ:PTRY) in effort to stop the proposed takeover and NASDAQ:PTRY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/04/2015 -- An investor, who currently holds shares of The Pantry Inc (NASDAQ:PTRY), filed a lawsuit in effort to halt the proposed takeover of The Pantry Inc by Alimentation Couche-Tard Inc for a value at $36.75 per share.
Investors who purchased shares of The Pantry Inc (NASDAQ:PTRY) and currently hold any of those NASDAQ:PTRY 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:PTRY stockholders by agreeing to sell The Pantry Inc too cheaply via an unfair process to Alimentation Couche-Tard Inc
On December 18, 2014, Alimentation Couche-Tard Inc. (TSX:ATD.A) (TSX:ATD.B) and The Pantry Inc (NASDAQ:PTRY) announced a merger agreement under which Alimentation Couche-Tard Inc will acquire The Pantry Inc in an all-cash transaction valued at US $36.75 per share, with a total enterprise value of approximately US $1.7 billion including debt assumed.
However, the plaintiff claims that the $36.75-offer is too low and undervalues The Pantry Inc. Indeed, at least one analyst has set the high target price for NASDAQ:PTRY at $37.00 per share. Futhermore, the Pantry Inc reported that while its Total Revenue declined from over $7.82 billion for the 52 weeks period that ended on Sept. 26, 2013 to over $7.54 billion for the 52 weeks period that ended on Sept. 25, 2014 its net Loss of $3.01 million for the 52 weeks period that ended on Sept. 26, 2013 turned into a Net Income of $13.22 million for the 52 weeks period that ended on Sept. 25, 2014. Shares of The Pantry Inc (NASDAQ:PTRY) grew from $11.22 per share in October 2013 to as high as $30.17 per share on December 15, 2014.
In addition, the plaintiff claims that the process is also unfair to NASDAQ:PTRY stockholders.
On February 2, 2015, NASDAQ:PTRY shares closed at $36.74 per share.
Those who are current investors in The Pantry Inc (NASDAQ:PTRY) 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