PENFORD SHAREHOLDER ALERT: Johnson & Weaver, LLP Launches an Investigation into the Proposed Sale of Penford Corp. & Encourag...
October 15 2014 - 8:33AM
Business Wire
Shareholder rights law firm Johnson & Weaver, LLP has
launched an investigation into whether the board members of Penford
Corporation (NASDAQ: PENX) breached their fiduciary duties in
connection with the proposed sale of the Company to Ingredion
Incorporated.
Additional Information:
Penford develops, manufactures, and markets specialty
natural-based ingredient systems for food and industrial
applications primarily in the United States. The company was
founded in 1894 and is headquartered in Centennial, Colorado.
On October 15, 2014, Penford announced it had signed a
definitive merger agreement with Ingredion. Under the terms of the
transaction, Penford shareholders will receive $19.00 per share in
cash, or approximately $340 million in the aggregate.
The investigation concerns whether Penford’s board failed to
satisfy their duties to the Company’s shareholders, including
whether the board adequately pursued alternatives to the
acquisition and whether the board obtained the best price possible
for the Company’s shares of common stock. Nationally recognized
Johnson & Weaver, which focuses its practice on shareholder
rights, is investigating whether the proposed deal price represents
adequate consideration, especially given the Company’s recent
success and promise of future growth. Moreover, Ingredion expects
the deal to be accretive to earnings by the end of the first
year.
If you are a shareholder of Penford and believe the
proposed buyout price is too low or you’re interested in learning
more about the investigation or your legal rights and remedies,
please contact lead analyst Jim Baker (jimb@johnsonandweaver.com)
at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New York and Georgia.
The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For
more information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
Johnson & Weaver, LLPJim Baker,
619-814-4471jimb@johnsonandweaver.com
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