Law Office of Jonathan M. Stein, P.L. Investigates Possible Breach of Fiduciary Duty by the Board of Del Monte Foods Company
November 26 2010 - 11:07AM
Business Wire
The Law Office of Jonathan M. Stein, P.L. is investigating the
Board of Directors of Del Monte Foods Company ("Del Monte" or the
"Company") (NYSE: DLM) for possible breaches of fiduciary duty and
other violations of state law in connection with their attempt to
complete a sale of the Company to an investor group led by funds
affiliated with Kohlberg Kravis Roberts & Co. L.P. (“KKR”),
Vestar Capital Partners (“Vestar”) and Centerview Partners
(“Centerview”). Under the terms of the proposed transaction, Del
Monte shareholders are to receive $19.00 in cash for each share
they own, for a total transaction value of approximately $5.3
billion, including the assumption of approximately $1.3 billion in
net debt.
The investigation involves whether the Board of Directors of Del
Monte breached their fiduciary duties to Del Monte stockholders by
failing to adequately shop the Company before agreeing to enter
into the transaction and whether Del Monte has disclosed all
material information to shareholders about the proposed
transaction. According to Yahoo Finance, one analyst who follows
the Company has set a target price at $22.00 per share.
If you own stock in Del Monte and wish to obtain additional
information about your rights, or if you have information regarding
the above investigation, please contact Jonathan M. Stein, Esq.
either via email at jstein@jonathansteinlaw.com or by telephone at
(561) 961-2244.
The Law Office of Jonathan M. Stein, P.L. represents
shareholders and consumers in complex litigation, including class
action and derivative litigation. More information about the firm
is available through its website, www.jonathansteinlaw.com, and
upon request from the firm. Jonathan M. Stein is the attorney
responsible for the content of this release.
Jonathan M. Stein, Esq. Law Office of Jonathan M. Stein, P.L. 120
E. Palmetto Park Rd., Suite 420 Boca Raton, FL 33432 (561) 961-2244
jstein@jonathansteinlaw.com
www.jonathansteinlaw.com
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