Newman Ferrara LLP is investigating potential claims against the board of directors of Teavana Holdings, Inc. (“Teavana”) (NYSE: TEA) concerning the proposed acquisition of Teavana by Starbucks Corporation (“Starbucks”) (Nasdaq: SBUX).
On November 14, 2012, Teavana announced that it had entered into an agreement to be acquired by Starbucks in an all-cash transaction valued at approximately $620 million. Under the terms of the agreement, Teavana’s shareholders will receive $15.50 in cash for each share of Teavana stock owned. However, Teavana stock traded at $17.78 per share as recently as May 29, 2012 and traded at a 52-week high of $26.03 per share. Analysts have set a target price for Teavana as high as $24.00 per share.
Teavana’s Board of Directors has unanimously approved the proposed deal which is expected to close by the end of this year. Teavana’s Chief Executive Officer Andrew Mack has already agreed to pledge his 70% stock ownership in Teavana in support of the proposed deal’s completion.
Newman Ferrara LLP’s investigation concerns whether Teavana’s Board of Directors has breached its fiduciary duties to act in the best interests of Teavana’s shareholders and to take all necessary steps to ensure that Teavana’s shareholders receive the maximum value readily available for their shares of Teavana common stock.
Concerned investors are encouraged to contact Newman Ferrara attorney Roy Shimon at (212) 619-5400 or
to discuss this investigation, their rights, or potential remedies.
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