Levi & Korsinsky is investigating the Board of Directors of Safeway Inc. (“Safeway” or “the Company”) (NYSE:SWY) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Cerberus Capital Management, L.P.
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Under the terms of the transaction, Safeway shareholders will receive value estimated at $40.00 per share for each share of Safeway they own including $32.50 in cash, the right to receive pro-rata distributions of net proceeds from primarily non-core assets with an estimated value of $3.65 per share, and shares of Blackhawk Network Holdings, Inc. (NASDAQ: HAWK). The investigation concerns whether the Safeway Board breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Cerberus is underpaying for Safeway shares. In particular, at least one analyst set a price target for Safeway stock at $46.00 per share.
If you own Safeway common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at
or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm’s 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.