Robbins Umeda LLP Announces an Investigation of the Acquisition of American Italian Pasta Corporation by Ralcorp Holdings, Inc.
June 21 2010 - 7:07PM
Business Wire
Robbins Umeda LLP has commenced an investigation into possible
breaches of fiduciary duty and other violations of state law by
members of the Board of Directors of American Italian Pasta
Corporation ("AIPC" or the "Company") (NASDAQ: AIPC) in connection
with their actions in causing AIPC to enter into a definitive
merger agreement to be acquired by Ralcorp Holdings, Inc.
("Ralcorp") (NYSE: RAH). If the transaction is completed, AIPC
shareholders will receive $53.00 in cash for each share of AIPC
common stock they hold. The transaction is expected to close during
Ralcorp's fourth fiscal quarter ending September 30, 2010 and is
subject to customary closing conditions and regulatory approvals,
as well as a majority of the outstanding shares of AIPC common
stock being validly tendered and not withdrawn in the tender
offer.
Robbins Umeda LLP's investigation concerns whether the Board of
Directors of AIPC undertook a fair process to obtain fair
consideration for all shareholders of AIPC. Specifically, our
investigation concerns whether the Company's Board of Directors
breached their fiduciary duties to AIPC shareholders by failing to
adequately shop the Company before entering into the transaction
with Ralcorp. Notably, at least one analyst has set a price target
of $60.00 per share, $7 above the amount offered by Ralcorp and
accepted by AIPC's Board of Directors.
If you are a shareholder of AIPC, plan to continue to hold your
shares, and would like more information about your rights as a
shareholder, please contact attorney Gregory E. Del Gaizo at
800-350-6003 or by e-mail at info@robbinsumeda.com.
Robbins Umeda LLP is a California-based law firm with
significant experience representing investors in merger-related
shareholder class actions, shareholder derivative actions, and
securities fraud class actions. For more information about the
firm, please go to http://www.robbinsumeda.com.
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