WILMINGTON, Del.--(BUSINESS WIRE)--Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Penford Corporation (NASDAQ: PENX) (“Penford” or the “Company”) relating to the sale of the Company to Ingredion Incorporated (“Ingredion”). On October 15, 2014, the two companies announced the signing of a definitive merger agreement pursuant to which Ingredion will acquire Penford in a merger in a deal worth $340 million. As a result of the merger, Penford shareholders are only anticipated to receive $19 per share in cash in exchange for each share of Penford.
Andrews & Springer is also investigating whether Penford directors are breaching their fiduciary duties by failing to adequately shop the company and maximize shareholder value. Additionally, our firm is also investigating the Company’s financial advisor, Deutsche Bank, and whether Deutsche Bank conducted a fair sales process. Andrews & Springer’s investigation has so far uncovered that the process leading up to the announcement of the merger appears to contain certain conflicts of interest, thus making the process and consideration unfair.
If you own shares of Penford and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/PENX or contact Craig J. Springer, Esq. at firstname.lastname@example.org, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.