SAN DIEGO and COMPTON,
Calif., Dec. 26, 2013 /PRNewswire/
-- Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the acquisition of Arden Group, Inc. (ARDNA) by TPG
Capital. On December 20, 2013,
Arden Group announced the signing of a definitive merger agreement
pursuant to which TPG will acquire Arden for $126.50 per share in cash for each share of Arden
Group common stock.
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Is the Proposed Merger Best for Arden Group and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Arden Group is undertaking a fair process to obtain
maximum value and adequately compensate Arden Group shareholders in
the merger.
As an initial matter, the $126.50
consideration represents a one day discount of 2% based on the
Arden Group's closing price on December 20,
2013, and premium of only 14% based on Arden Group's closing
price on July 12 2013, the trading
day before the announcement that the company was evaluating
strategic alternatives, including a potential sale of the
company. Notably, Arden Group's stock has consistently traded
above the $126.50 offer price since
the July announcement, closing as high as $135.82 on September
10, 2013.
Further, Arden Group reported same store sales increases in the
company's sixteen supermarkets for both the third quarter and the
nine months ended September 28,
2013. The company's stores also realized an increase in the
total number of transactions in 2013 as compared to the previous
year.
Given these facts, Robbins Arroyo LLP is examining the Arden
Group board of directors' decision to sell the company to TPG now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects, and
whether they are seeking to benefit themselves.
Arden Group shareholders have the option to file a class action
lawsuit to ensure the board of directors properly evaluates the
proposal to obtain the best possible price for shareholders and the
disclosure of material information. Arden Group shareholders
interested in information about their rights and potential remedies
can contact attorney Darnell R.
Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or
via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP