Law Firm Brower Piven Announces Investigation of H.J. Heinz Company Proposed
STEVENSON, Md. -- February 15, 2013
The securities litigation firm of Brower Piven, A Professional Corporation,
has commenced an investigation into possible breaches of fiduciary duty to
current shareholders of H.J. Heinz Company (“Heinz” or the “Company”) (NYSE:
“HNZ”) and other violations of state law by the board of directors of Heinz
relating to the proposed acquisition of the Company by Berkshire Hathaway and
3G Capital. The firm’s investigation seeks to determine, among other things,
whether the board of directors of Heinz breached their fiduciary duties by
failing to maximize shareholder value.
According to the Company’s press release, Heinz shareholders will receive
$72.50 for each share of Heinz common stock they own, representing a
transaction value of approximately $28 billion, which includes the assumption
of the Company’s outstanding debt. According to The Wall Street Journal, one
of the deal protection provisions the Heinz board agreed to is a $1.4 billion
breakup fee. This termination fee, which another buyer may have to pay in
addition to an increased price, represents approximately 6% of the equity
value of the deal and, according to The Wall Street Journal, ranks as the
12^th largest of all-time.
If you currently own common stock of Heinz and would like to learn more about
the investigation being conducted by Brower Piven, you may email or call
Brower Piven, who will, without obligation or cost to you, attempt to answer
your questions. You may contact Brower Piven by email at
email@example.com, by calling (410) 415-6616, or at Brower Piven, A
Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating securities and
other class action cases of over 60 years.
Brower Piven, A Professional Corporation
Charles J. Piven, 410-415-6616
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