Attention Shareholders Concerned About the Acquisition of Teavana Holdings Inc. by Starbucks Corp.
Attention Shareholders Concerned About the Acquisition of Teavana Holdings Inc. by Starbucks Corp. PR Newswire SAN DIEGO and ATLANTA, Nov. 15, 2012 SAN DIEGO and ATLANTA, Nov. 15, 2012 /PRNewswire/ -- Shareholder rights attorneys at Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Teavana Holdings Inc. (NYSE: TEA) in connection with their efforts to sell the company to Starbucks Corp. (NASDQ: SBUX). (Logo: http://photos.prnewswire.com/prnh/20111014/ROBBINSUMEDALOGO) On November 14, 2012, Teavana and Starbucks announced they had entered into a definitive merger agreement under which Starbucks will acquire Teavana through an all cash tender offer with a total value of $620 million. Teavana shareholders will receive $15.50 per share. Following the completion of the merger, Teavana will become a wholly-owned subsidiary of Starbucks. Board's Actions May Prevent Teavana Shareholders from Receiving the Maximum Value for Their Stock Robbins Umeda LLP's investigation focuses on whether the board of directors at Teavana is undertaking a fair process to obtain maximum value and adequately compensate its shareholders. The offer price is substantially below the company's stock price earlier this year and below the company's stock price during its initial public offering last year. Further, multiple analysts have set price targets higher than the $15.50 offer price. As recently as September 5, 2012, an analyst from KeyBanc set a target price of $24 per share, and an analyst from Piper Jaffrey set a price of $23 per share on September 4, 2012. Finally, recently the company has reported impressive results. On September 4, 2012, Teavana reported its second quarter 2012 earnings results reflecting a 38% increase in net sales and a 3.5% increase in comparable sales over the same quarter in 2011. Given these financials and the company's historical stock price, the firm is examining the board of directors' decision to sell Teavana now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects. Teavana shareholders have the option to file a class action lawsuit against the company to secure the best possible price for shareholders and the disclosure of material information so shareholders can vote on the transaction in an informed manner. Teavana shareholders interested in information about their rights and potential remedies can contact Darnell R. Donahue at (800) 350-6003, email@example.com, or via the shareholder information form on the firm's website. Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com. Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/teavana-holdings-inc/ Attorney Advertising.Past results do not guarantee a similar outcome. Contact: Robbins Umeda LLP Darnell R. Donahue firstname.lastname@example.org (619) 525-3990 or Toll Free (800) 350-6003 www.robbinsumeda.com SOURCE Robbins Umeda LLP Website: http://robbinsumeda.com