TENDER OFFER FOR SUPERVALU SHARES – LAW FIRM CHALLENGES CANDOR OF BOARD ON BEHALF OF SHAREHOLDERS
NEW YORK--(PRNEWSWIRE)--Tripp Levy PLLC, a leading national securities law firm, announces an investigation into the tender offer for shares of SuperValu Inc. (NYSE: SVU). SuperValu announced that it had entered into an agreement with a consortium led by Cerebus Capital Management L.P. (the “Consortium”) under which the Consortium acquired certain assets of SuperValu and commenced a tender offer for up to 30% of SuperValu’s shares for $4.00 per share.
Despite hiring Goldman Sachs as its financial adviser, SuperValu’s board of directors failed to provide to SuperValu’s shareholders any financial information concerning the transaction that would allow the Company’s shareholders to make an informed decision about whether the price offered is fair or unfair and whether or not to tender their shares in the tender offer.
The investigation concerns whether the board of directors of SuperValu breached their fiduciary duties by not providing this information to SuperValu’s shareholders and thus not acting in shareholders' best interests in connection with the transaction process.
If you own SuperValu common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact us toll Free: 877-772-3975
One only has to look at companies that did not act in time - e.g. Kodak, Dana, Polaroid. I commend our BOD and key employees. If the company is worth more, don't tender the shares. The price is arbitrary and likely be a floor under the Cerberus plan.
No one minds if they acted quickly. The BOD recognized that they had not been meeting with success (no one is perfect after all), sold a good chunk of the company and many members have resigned. These are all good things.
What is not good is not providing any information and I will go so far as to say that there is a material chance that the little bit of financial information regarding EBITDA that they provided was incorrect. I think their books may just flat out be out-of-control but hey, their auditors are not qualifying their opinions with material weakness information so I'm probably wrong and they are just flat out saying shareholders who are not favored don't get the information!