Attention Shareholders Concerned About the Acquisition of Teavana Holdings
Inc. by Starbucks Corp.
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).
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, firstname.lastname@example.org, 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
Press release link:
Attorney Advertising.Past results do not guarantee a similar outcome.
Robbins Umeda LLP
Darnell R. Donahue
(619) 525-3990 or Toll Free (800) 350-6003
SOURCE Robbins Umeda LLP
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