SAN DIEGO & MINNEAPOLIS, July 22, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the acquisition of Nash Finch Company (NASDAQ: NAFC) ("Nash Finch"), by Spartan Stores, Inc. (NASDAQ: SPTN) ("Spartan Stores"). On July 22, 2013, the two companies announced a definitive merger agreement under which Nash Finch and Spartan Stores will combine in an all-stock merger. Under the terms of the agreement, Nash Finch shareholders will receive 1.20 shares of Spartan Stores common stock for each share of Nash Finch common stock, or $25.44 per share based on Spartan Store's closing price of $21.20 on July 19, 2013. (Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO) Is the Merger Best for Nash Finch Shareholders? Robbins Arroyo LLP's investigation focuses on whether the board of directors at Nash Finch is undertaking a fair process to obtain maximum value and adequately compensate its shareholders in the merger. The $21.20 merger consideration is substantially below the target price of $33.00 maintained by an analyst at BOE Securities, Inc. since December 11, 2011. Further, the $21.20 consideration represents a premium of less than 1% based on Nash Finch's closing price on July 19, 2013. That premium is substantially below the average premium of 39.41% for comparable transactions in the past three years. Moreover, Nash Finch traded above the offer price as recently as July, 19, 2013, trading as high as $25.59. Given these facts, Robbins Arroyo is examining Nash Finch's board of directors' decision to merge with by Spartan Stores now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.