Rigrodsky & Long, P.A. Investigates Del Monte Foods Company Buyout
November 26 2010 - 11:10AM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Del Monte Foods
Company (“Del Monte” or the “Company”) (NYSE: DLM) concerning
possible breaches of fiduciary duty and other violations of law
related to the Company’s entry into an agreement to be acquired and
taken private by Kohlberg Kravis Roberts & Co., L.P. (“KKR”),
Vestar Capital Partners (“Vestar”), and Centerview Partners
(“Centerview”) in a transaction valued at approximately $5.3
billion (including the assumption of approximately $1.3 billion in
net debt). Click here to learn how to join the action:
http://www.rigrodskylong.com/news/DelMonteFoodsCo-DLM.
Under the proposed agreement, KKR, Vestar and Centerview will
acquire all of the outstanding common shares of Del Monte for
$19.00 per share in cash.
The investigation concerns whether Del Monte’s board of
directors failed to adequately shop the Company and obtain the best
price possible for Del Monte’s shareholders before entering into
the agreement with KKR, Vestar, and Centerview. Indeed, according
to Yahoo! Finance, at least one analyst has set a price target of
$22.00 per share for Del Monte stock.
If you own the common stock of Del Monte and purchased your
shares before November 25, 2010, if you have information or would
like to learn more about these claims, or if you wish to discuss
these matters or have any questions concerning this announcement or
your rights or interests with respect to these matters, please
contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case
Development Director, of Rigrodsky & Long, P.A., 919 N. Market
Street, Suite 980, Wilmington, Delaware, by telephone at (888)
969-4242, or by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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