Rigrodsky & Long, P.A. announces a complaint alleging breaches of fiduciary duty and other violations of law has been filed in California Superior Court, Alameda County against the board of directors of Safeway Inc. (“Safeway” or the “Company”) (NYSE: SWY) in connection with the Company’s entry into an agreement to be acquired by Albertsons (“Albertsons”) in a transaction valued at approximately $9 billion.
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Under the terms of the agreement, public shareholders of Safeway will receive value estimated at $40.00 per share for each share of Safeway they own. This includes $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 GS: HAWK).
The complaint alleges that Safeway’s board of directors failed to adequately shop the Company and obtain the best possible value for Safeway’s shareholders before entering into an agreement with Albertsons. According to Yahoo! Finance, at least one analyst has issued a price target for Safeway stock at $45.00 per share.If you own the common stock of Safeway and purchased your shares before March 6, 2014, and would like to learn more about these allegations, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, Delaware 19803; by telephone at (888) 969-4242; by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/safeway-inc-swy. Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.