The Shareholders Foundation announces that an investor, who currently holds shares of Kraft Foods Group Inc (NASDAQ:KRFT), filed a lawsuit in effort to stop the proposed takeover of Kraft Foods Group Inc by H.J. Heinz Company.
Investors who purchased shares of Kraft Foods Group Inc (NASDAQ:KRFT) and currently hold any of those NASDAQ:KRFT shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:KRFT stockholders by agreeing to sell Kraft Foods Group Inc too cheaply via an unfair process to H.J. Heinz Company.
On March 25, 2015, H.J. Heinz Company and Kraft Foods Group, Inc. (NASDAQ: KRFT) announced that they have entered into a merger agreement to create The Kraft Heinz Company, forming the third largest food and beverage company in North America with an unparalleled portfolio of iconic brands. Under the terms of the agreement, Kraft shareholders will receive stock in the combined company and a special cash dividend of $16.50 per share. The aggregate special dividend payment of approximately $10 billion is being fully funded by an equity contribution by Berkshire Hathaway and 3G Capital.
However, the plaintiff claims that the proposed consideration NASDAQ:KRFT shareholders will receive is grossly inadequate and undervalues Kraft Foods Group, Inc. In addition, the plaintiff claims that the process is also unfair to NASDAQ:KRFT stockholders.
Shares of Kraft Foods Group Inc (NASDAQ:KRFT) rose to as high as $91.32 per share on April 2, 2015.
On April 21, 2015, NASDAQ:KRFT shares closed at $88.47 per share.
Those who are current investors in Kraft Foods Group Inc (NASDAQ:KRFT) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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