An investigation on behalf of investors of Sonic Corp. (NASDAQ: SONC) in connection with the proposed takeover was announced and NASDAQ: SONC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/03/2018 -- An investigation was announced concerning the takeover of Sonic Corp. by Inspire Brands, Inc.
Investors who purchased shares of Sonic Corp. (NASDAQ: SONC) and currently hold any of those NASDAQ: SONC shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Sonic Corp. breached their fiduciary duties owed to NASDAQ: SONC investors in connection with the proposed acquisition.
Oklahoma City, OK based Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of August 31, 2017, the company operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the company and 3,365 were owned and operated by franchisees.
On September 25, 2018, Sonic Corp. (NASDAQ: SONC) and Inspire Brands, Inc.("Inspire") announced that they have entered into a merger agreement under which Inspire will acquire Sonic for $43.50 per share in cash in a transaction valued at approximately $2.3 billion including the assumption of Sonic's net debt.
However, the investigation concerns whether the offer is unfair to Sonic Corp. (NASDAQ: SONC stockholders. More specifically, the investigation concerns whether the Sonic Corp. (NASDAQ: SONC Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of Sonic Corp. (NASDAQ: SONC) closed on September 28, 2018, at $43.34 per share.
Those who are current investors in Sonic Corp. (NASDAQ: SONC) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
For more information on this press release visit:
Media Relations Contact
Email: Click to Email Michael Daniels