A lawsuit was filed for investors in NASDAQ:TFM shares in connection with the proposed takeover was announced and NASDAQ:TFM stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/18/2016 -- An investor who currently holds shares of The Fresh Market Inc, filed a lawsuit in effort to halt the proposed takeover of The Fresh Market Inc. for $28.50 per share.
Investors who purchased shares of The Fresh Market Inc (NASDAQ:TFM) and currently hold any of those NASDAQ:TFM shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:TFM stockholders by agreeing to sell The Fresh Market Inc too cheaply via an unfair process to Apollo Global Management.
On March 14, 2016, The Fresh Market Inc (NASDAQ:TFM) and an affiliate of Apollo Global Management, LLC (NYSE:APO) (together with its consolidated subsidiaries, "Apollo") announced that they have entered into a definitive agreement whereby certain funds managed by Apollo will acquire The Fresh Market Inc (NASDAQ:TFM) for approximately $1.36 billion. The transaction will be implemented through a cash tender offer at $28.50 per share.
However, plaintiff claims that the proposed consideration NASDAQ:TFM shareholders will receive is grossly inadequate and undervalues The Fresh Market Inc. Indeed, at least one analyst has set the high target price for NASDAQ:TFM shares at $44.00 per share and given that NASDAQ:TFM shares traded in 2015 as high as $41.47 per share. Furthermore, the Fresh Market Inc reported that its Total Revenue rose from over $1.51 billion for the 52 weeks period that ended on January 26, 2014 to over $1.75 billion for the 52 weeks period that ended on January 25, 2015 and shares of The Fresh Market Inc (NASDAQ:TFM) reached in 2012 as high as $62.38 per share. In addition, the plaintiff alleges that the process is also unfair to , NASDAQ:TFM stockholders.
On April 14, 2016, NASDAQ:TFM shares closed at $28.59 per share.
Those who are current investors in The Fresh Market Inc shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com