Newman Ferrara LLP Announces Investigation of Penford Corporation
16 October 2014 - 4:59AM
Business Wire
Newman Ferrara LLP has begun an investigation into potential
claims against the board of directors of Penford Corporation
(“Penford”) (Nasdaq:PENX) concerning its proposed sale to Ingredion
Incorporated.
Under the terms of the proposed transaction, Penford
stockholders will receive only $19.00 per share in cash for each
share of Penford stock owned. However, the proposed offer price
fails to provide any meaningful premium to the 52-week trading high
of Penford stock of $18.89 per share.
Newman Ferrara’s investigation concerns whether Penford’s Board
of Directors has breached its fiduciary duties to act in the best
interests of Penford’s stockholders. The investigation focuses on
the potential unfairness of the consideration being provided to
Penford’s stockholders and the process by which Penford’s Board of
Directors considered and approved the proposed deal.
Concerned investors may contact Newman Ferrara attorney Roy
Shimon at rshimon@nfllp.com to discuss this investigation, their
rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New
York City with attorneys specializing in complex commercial and
multi-party litigation, securities fraud and shareholder
litigation, consumer protection, civil rights, and real estate. For
more information, please visit the firm website at
www.nfllp.com.
Newman Ferrara LLPRoy Shimon, 212-619-5400rshimon@nfllp.com
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