Rigrodsky & Long, P.A. Investigates American Italian Pasta Company Buyout
21 Giugno 2010 - 8:25PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of American Italian
Pasta Company (“American Italian Pasta” or the “Company”)
(Nasdaq:AIPC) concerning possible breaches of fiduciary duty and
other violations of law related to the Company’s entry into an
agreement to be acquired by Ralcorp Holdings, Inc. (“Ralcorp”)
(NYSE:RAH) in a transaction valued at approximately $1.2 billion,
net of cash acquired.
(http://www.rigrodskylong.com/news/AmericanItalianPastaCompany-AIPC).
Under the proposed agreement, Ralcorp will commence a tender
offer of $53.00 per share for each share of American Italian Pasta
common stock outstanding. The investigation concerns whether
American Italian Pasta’s board of directors failed to adequately
shop the Company and obtain the best price possible for American
Italian Pasta shareholders before entering into the agreement with
Ralcorp.
As recent as May 6, 2010, American Italian Pasta announced its
second quarter and year-to-date fiscal 2010 financial results
wherein the Company reported net income for the second quarter
increased 47% and had a year-to-date increase of 33%. The Company’s
earnings per share increased 44% for the second quarter and
increased 30% for the year-to-date. American Italian Pasta
President and CEO, Jack Kelly, commented: “Our retail focus on
private label or store brand business, along with our strategic
brands, contributed to strong results in the second quarter of
fiscal 2010. AIPC continued to outperform the pasta category in
both revenue and volume, and we are operating the business more
profitably, as second quarter operating profit increased 30% from
the year prior[.]” Indeed, according to Yahoo! Finance, at least
one analyst has set a price target of $60.00 per share.
If you own the common stock of American Italian Pasta and
purchased your shares before June 21, 2010, if you have information
or would like to learn more about these claims, or if you wish to
discuss these matters or have any questions concerning this
announcement or your rights or interests with respect to these
matters, please contact Seth D. Rigrodsky, Esquire or Noah R.
Wortman, Case Development Director, of Rigrodsky & Long, P.A.,
919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone
at (888) 969-4242, or by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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