The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of H.J. Heinz Company (“Heinz” or the “Company”) (NYSE: “HNZ”) and other violations of state law by the board of directors of Heinz relating to the proposed acquisition of the Company by Berkshire Hathaway and 3G Capital. The firm’s investigation seeks to determine, among other things, whether the board of directors of Heinz breached their fiduciary duties by failing to maximize shareholder value. According to the Company’s press release, Heinz shareholders will receive $72.50 for each share of Heinz common stock they own, representing a transaction value of approximately $28 billion, which includes the assumption of the Company’s outstanding debt. According to Bloomberg, the EBIT and net income multiples for the proposed transaction are below the median of comparable transactions. If you currently own common stock of Heinz 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 firstname.lastname@example.org, 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.
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