Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor LLP are investigating potential claims against the Board of Directors of Safeway, Inc. (“Safeway”) (NYSE: SWY) related to the sale of Safeway to AB Acquisition LL. Under the terms of the definitive buyout agreement, Safeway shareholders will only receive a total value estimated at $40 per share. This consideration is well below at least one analyst’s estimated value of $46.00 per share. The transaction is valued at approximately $9.4 billion.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at email@example.com. There is no cost or fee to you.
The Safeway investigation centers on whether Safeway’s Board of Directors is acting in the shareholders’ best interests, whether the board is properly considering the proposed price for the shareholders, and whether the board has employed an adequate process to review and act on the proposed transaction. Notably, at least one analyst with Yahoo! Finance estimates that Safeway shares could be worth as much as $46.00 per share. Furthermore, in the last 30 days prior to the merger announcement, Safeway stock increased in value nearly 30%. “Based on the recent sharp increase in the value of Safeway shares, reports indicating that the true inherent value of the shares may be as high as $46.00 per share, and other factors, we are very concerned that this may not be a fair deal to SWY shareholders,” said shareholder rights attorney Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.