MILWAUKEE, July 10, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Harris Teeter for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Harris Teeter to Kroger.
Click here to learn how to join the action: http://www.ademilaw.com/case/harris-teeter or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Harris Teeter's long-term financial outlook is very positive and yet Harris Teeter shareholders will receive only $49.38 for their shares. Kroger is well aware of Harris Teeter's improving financial metrics and is purchasing Harris Teeter at a substantial discount. The merger agreement unreasonably limits prospective bids for Harris Teeter by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Harris Teeter receive and accept a superior bid. Harris Teeter insiders, their affiliates and other majority shareholders own significant shares of Harris Teeter, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Harris Teeter not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Harris Teeter's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Harris Teeter given its current financial condition and prospects.
If you own shares of Harris Teeter and wish to obtain additional information, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, http://www.ademilaw.com/case/harris-teeter.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP