Brower Piven Announces an Investigation of the Acquisition of Tasty Baking Company by Flowers Foods, Inc.
April 12 2011 - 4:02PM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of Tasty Baking Company (“Tasty”)
(NasdaqGM: TSTY) and other violations of state law by the Board of
Directors of Tasty relating to the proposed acquisition of the
company by Flowers Foods, Inc. (“Flowers”) (NYSE: FLO). The firm’s
investigation seeks to determine whether Tasty and its Board
breached their fiduciary duties by, among other things, failing to
maximize shareholder value.
On April 11, 2011, Flowers and Tasty jointly announced that they
have entered into a definitive merger agreement for Tasty to be
acquired by Flowers. Under the terms of the agreement, Flowers will
commence a tender offer to acquire all of the outstanding shares of
Tasty common stock for $4.00 per share, a total purchase price of
approximately $165 million, including Tasty's existing
indebtedness. However, analyst targets have been as high as $14.00
per share. The transaction is expected to close during the second
quarter of 2011 and is subject to customary closing conditions and
approvals, as well as a majority of the outstanding shares of Tasty
common stock being validly tendered and not withdrawn in the tender
offer. The agreement has been unanimously approved by the Boards of
Directors of both companies.
If you currently own shares of Tasty and would like to learn
more about the investigation being conducted by Brower Piven, you
may e-mail or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling
410/415-6616, or at Brower Piven, A Professional Corporation, 1925
Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower
Piven have combined experience litigating securities and other
class action cases of over 60 years.
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