NEW YORK, Aug. 3, 2018 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Supervalu Inc.
("SVU" or the "Company") (NYSE: SVU) in connection with the
proposed acquisition of the Company by United Natural Foods Inc.
("UNFI") (NASDAQ: UNFI). Under the terms of the acquisition
agreement, shareholders will receive $32.50 in cash for each SVU share they
own.
WeissLaw is investigating whether SVU's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $55.00, or $22.50
above the offer price.
Additionally, according to UNFI's CEO, "[t]his transaction
accelerates UNFI's 'Build out the Store' growth strategy by
immediately enhancing our product range, equipping us to bring an
attractive, comprehensive product portfolio to an expanded universe
of customers." UNFI expects the acquisition of SVU to:
- Diversify its customer base;
- Expand its market reach and scale; and
- Deliver synergies of more than $175
million within the first three years.
Finally, the Company recently announced positive financial
results for the first quarter of 2018. It reported
consolidated net sales of $4.76
billion, representing an increase of 35% year-over-year when
compared to the $3.52 billion it
reported in the same period of previous year.
Given these facts, WeissLaw is investigating whether SVU's Board
acted in the best interests of SVU's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own SVU shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/supervalu-inc/
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SOURCE WeissLaw LLP