Ademi LLP is investigating Utz (NYSE: UTZ) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Vertex.
Utz shareholders will receive $14.25 per share. Utz insiders will receive substantial benefits as part of change of control arrangements. Upon closing, the Rice and Lissette Family and Intersnack Group will each own 50% of Utz
The transaction agreement unreasonably limits competing transactions for Utz by imposing a significant penalty if Utz accepts a competing bid. We are investigating the conduct of the Utz board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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