NEW YORK--(BUSINESS WIRE)--Newman Ferrara LLP has begun an investigation into potential claims against the board of directors of Penford Corporation (“Penford”) (Nasdaq:PENX) concerning its proposed sale to Ingredion Incorporated.
Under the terms of the proposed transaction, Penford stockholders will receive only $19.00 per share in cash for each share of Penford stock owned. However, the proposed offer price fails to provide any meaningful premium to the 52-week trading high of Penford stock of $18.89 per share.
Newman Ferrara’s investigation concerns whether Penford’s Board of Directors has breached its fiduciary duties to act in the best interests of Penford’s stockholders. The investigation focuses on the potential unfairness of the consideration being provided to Penford’s stockholders and the process by which Penford’s Board of Directors considered and approved the proposed deal.
Concerned investors may contact Newman Ferrara attorney Roy Shimon at firstname.lastname@example.org to discuss this investigation, their rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.