An investor in NYSE:MJN shars filed a lawsuit in effort to halt the proposed buyout of Mead Johnson Nutrition CO by Reckitt Benckiser Group plc for $90 per share.
Investors who purchased shares of Mead Johnson Nutrition CO (NYSE:MJN) and currently hold any of those NYSE:MJN shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:MJN stockholders by agreeing to sell Mead Johnson Nutrition COtoo cheaply via an unfair process to Reckitt Benckiser Group plc
On February 10, 2017, Mead Johnson Nutrition Company (NYSE:MJN) announced that it has reached an agreement to be acquired by Reckitt Benckiser Group plc. Reckitt Benckiser Group plc has agreed to pay $90 cash for each share of Mead Johnson common stock in a transaction valued at approximately $17.9 billion (including net debt).
However, plaintiff claims that the proposed consideration NYSE:MJN shareholders will receive is grossly inadequate and undervalues Mead Johnson Nutrition Company. Indeed, at least one analyst has set the high target price for NYSE:MJN shares at $95.00 per share and NYSE:MJN shares traded in 2016 as high as $93.00 per share.. In addition, the plaintiff alleges that the process is also unfair NYSE:MJN stockholders. The plaintiff claims that the acquisition is driven by the board of directors of Mead Johnson Nutrition Co and certain company executives who will receive a lucrative payout of over $80 million and that the board of directors agreed to preclusive deal protection devices, such as a no solicitation and a $$480 million termination fee provision, that deter other bidders from making a superior offer and ensure a quick and unobstructed sale of the company.
On March 7, 2017, shares of Mead Johnson Nutrition CO (NYSE:MJN) closed at $88.33 per share.
Those who are current investors in NYSE:MJN shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego