A lawsuit was filed for investors in shares of Inventure Foods Inc (NASDAQ:SNAK) in connection with the proposed takeover and NASDAQ:SNAK stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/27/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of Inventure Foods Inc (NASDAQ:SNAK), filed a lawsuit against the acquisition of Inventure Foods Inc. by Utz Quality Foods, LLC.
Investors who purchased shares of Inventure Foods Inc (NASDAQ:SNAK) should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:SNAK stockholders by agreeing to sell Inventure Foods Inc cheaply via an unfair process to Utz Quality Foods, LLC.
On October 26, 2017, Inventure Foods Inc (NASDAQ:SNAK) and Utz Quality Foods, LLC announced they entered into a merger agreement pursuant to which Utz Quality Foods, LLC has agreed to acquire all of the Company's outstanding shares of common stock in an all-cash transaction. Under the terms of the merger agreement, an indirect subsidiary of Utz Quality Foods, LLC will commence a tender offer to acquire all of the outstanding shares of the Company's common stock at a price of $4.00 per share in cash, for a total purchase price of approximately $165 million, including the assumption of approximately $75 million of debt and debt-like items, net of cash, approximately $8 million of the Company's estimated closing costs and approximately $3 million due to equity award holders.
However, plaintiff claims that the proposed consideration NASDAQ:SNAK shareholders will receive is grossly inadequate and undervalues Inventure Foods Inc . Indeed, at least one analyst has set the high price target of NASDAQ:SNAK shares at $10.00 per share and NASDAQ:SNAK shares traded as early as October 11, 2107 in the open market as high as $5.32 per share. In addition, the plaintiff alleges that the process is also unfair NASDAQ:SNAK stockholders.
Those who are current investors in Inventure Foods Inc (NASDAQ:SNAK) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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