SHAREHOLDER ALERT: Brower Piven Launches An Investigation Into The Proposed Sale Of Penford Corp. And Encourages Investors To...
20 October 2014 - 9:28AM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of Penford Corporation (“Penford” or
the “Company”) (Nasdaq: PENX) relating to the proposed buyout of
the Company by Ingredion Incorporated (“Ingredion”).
On October 15, 2014, Penford and Ingredion announced the signing
of a definitive merger agreement pursuant to which Ingredion will
acquire Penford in a transaction valued at approximately $340
million in the aggregate.
Under the terms of the transaction, Penford shareholders will
receive $19.00 per share in cash for each share of Penford common
stock they own. The transaction could close as early as the end of
2014, though Penford shareholders will most likely be asked to vote
on the transaction well before that time.
The firm’s investigation seeks to determine, among other things,
whether Penford’s Board of Directors failed to satisfy their duties
to the Company’s shareholders, including whether the board
adequately pursued alternatives to the acquisition and whether the
board obtained the best price possible for the Company’s shares of
common stock.
If you currently own common stock of Penford and would like to
learn more about the investigation being conducted by Brower Piven,
without cost or obligation to you, please visit our website at
http://www.browerpiven.com/currentinvestigations.html. You may also
request more information by contacting Brower Piven either by email
at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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