Ademi LLP is investigating Nathan’s Famous (NASDAQ: NATH) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Smithfield.
In the transaction, Nathan’s Famous stockholders will receive $102 per share in cash, valuing the transaction at approximately $450 million. Nathan’s Famous insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Nathan’s Famous by imposing a significant penalty if Nathan’s Famous accepts a competing bid. We are investigating the conduct of the Nathan’s Famous board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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