Ademi & O’Reilly, LLP is investigating Primo Water (Nasdaq: PRMW) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Cott.
Ademi & O’Reilly, LLP alleges Primo Water’s financial outlook is improving and yet shareholders will receive only the equivalent of $14 for each share of Primo Water, in a transaction valued at approximately $775 million. The merger agreement unreasonably limits competing bids for Primo Water by prohibiting solicitation of further bids, and imposing a termination penalty if Primo Water accepts a superior bid. Primo Water insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Primo Water’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 Primo Water.