Energy News / Shareholders Foundation, Inc.

NASDAQ:SNAK Shareholder Notice: Lawsuit Filed Against Acquisition of Inventure Foods Inc

Via: ReleaseWire

Updated 11:15 AM CST, Mon, November 27,2017

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 mail@shareholdersfoundation.com 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.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/nasdaqsnak-shareholder-notice-lawsuit-filed-against-acquisition-of-inventure-foods-inc-897315.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com