Law Firm Brower Piven Announces Investigation of H.J. Heinz Company Proposed Buyout
February 15, 2013 11:23 AM ET
The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of H.J. Heinz Company (“Heinz” or the “Company”) (NYSE: “HNZ”) and other violations of state law by the board of directors of Heinz relating to the proposed acquisition of the Company by Berkshire Hathaway and 3G Capital. The firm’s investigation seeks to determine, among other things, whether the board of directors of Heinz breached their fiduciary duties by failing to maximize shareholder value.
According to the Company’s press release, Heinz shareholders will receive $72.50 for each share of Heinz common stock they own, representing a transaction value of approximately $28 billion, which includes the assumption of the Company’s outstanding debt. According to The Wall Street Journal, one of the deal protection provisions the Heinz board agreed to is a $1.4 billion breakup fee. This termination fee, which another buyer may have to pay in addition to an increased price, represents approximately 6% of the equity value of the deal and, according to The Wall Street Journal, ranks as the 12th largest of all-time.
If you currently own common stock of Heinz and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at email@example.com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.
Brower Piven, A Professional Corporation
Charles J. Piven, 410-415-6616
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