Ademi LLP is investigating Albertsons (NYSE: ACI) for possible breaches of fiduciary duty and other violations of law in its transaction with Kroger.
Ademi LLP alleges Albertsons’s financial outlook and prospects are excellent and yet Albertsons holders will receive only at most approximately $27.25 per share from Kroger upon completion of the proposed transaction and $6.85 per share in a special dividend payment from Albertsons to shareholders of records as of October 24, 2022 to be paid on November 7, 2022. The transaction agreement unreasonably limits competing bids for Albertsons by imposing a significant penalty if Albertsons accepts a superior bid. Albertsons insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Albertsons’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Albertsons.