The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Winn-Dixie Stores, Inc. (“Winn-Dixie”) (Nasdaq: WINN) and other violations of state law by the board of directors of Winn-Dixie relating to the proposed acquisition of the company by BI-LO, LLC (“BI-LO”). The firm’s investigation seeks to determine, among other things, whether the board breached their fiduciary duties by failing to maximize shareholder value.
On December 19, 2011, Winn-Dixie and BI-LO jointly announced that they had entered into a definitive agreement pursuant to which BI-LO will acquire all of the outstanding shares of Winn-Dixie for $9.50 per share in cash. While the press release states that this represents a premium of approximately 75% over the closing price of Winn-Dixie common stock on December 16, 2011, according to Yahoo! Finance, at least one analyst has set a high price target of $11.00 per share.
If you currently own shares of Winn-Dixie 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
, 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.