The Shareholders Foundation announces that an investor, who currently holds shares of Annies Inc (NYSE:BNNY), filed a lawsuit in effort to halt the proposed takeover of Annies Inc by General Mills, Inc at $46.00 per share.
Investors who purchased shares of Annies Inc (NYSE:BNNY) and currently hold any of those NYSE:BNNY shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:BNNY stockholders by agreeing to sell Annies Inc. too cheaply via an unfair process to General Mills, Inc.
On September 8, 2014, Annie’s Inc. (NYSE:BNNY) announced an agreement to be acquired by General Mills, Inc. (NYSE: GIS) for $46.00 per share in cash, for a total transaction value of approximately $820 million.
However, the plaintiff claims that the offer is unfair to BNNY stockholders and undervalues Annies Inc. Indeed, following the takeover news BNNY shares reached in the open marked as high as $46.39 per share on September 9, 2014 and traded in last October as high as $51.36 per share. In addition, the plaintiff alleges that the process is also unfair to Annies Inc stockholders.
Annies Inc reported that its Total Revenue rose from $141.48 million for the 12 months period that ended on March 31, 2012 to $204.10 million for the 12 months period that ended on March 31, 2014 and that its respective Net Income rose from $10.04 million to $15.29 million. Shares of Annies Inc (NYSE:BNNY) reached $51.36 per share in October 2013.
On September 26, 2014, NYSE:BNNY shares closed at $45.88 per share.
Those who are current investors in Annies Inc (NYSE:BNNY) 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