The Law Office of Jack Stuart Beige & Associates, P.C. Announces Investigation of Pinnacle Foods, Inc. Buyout Proposal
SMITHTOWN, NY, May 14, 2014:
The Law Office of Jack Stuart Beige & Associates, P.C. announces that it is investigating the Board of Directors of Pinnacle Foods, Inc. (“Pinnacle”) (NYSE: PF) for possible breaches of fiduciary duties and other violations of law in connection with Pinnacle’s agreement to be acquired by Hillshire Brands Company (“Hillshire”) (NYSE: HSH),in a transaction valued at approximately $6.6 billion.
Under the terms of the agreement, public shareholders of Pinnacle would receive $18.00 in cash and 0.50 shares of Hillshire common stock for each share of Pinnacle they own.
The investigation concerns whether Pinnacle’s Board of Directors breached its fiduciary duties to stockholders, whether the proposed consideration to be paid to Pinnacle’s stockholders would be fair and adequate, and whether Pinnacle is acting in its stockholders’ best interests.