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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Pinnacle Foods Inc. (NYSE: PF) to Conagra Brands, Inc. (NYSE: CAG). Under the terms of the transaction, Pinnacle Foods shareholders will receive $43.11 per share in cash and 0.6494 shares of Conagra Brands stock per share, representing an approximate value of $68.00 per share.
The investigation concerns whether the Board of Pinnacle Foods breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Conagra Brands is underpaying for Pinnacle Foods shares, thus unlawfully harming Pinnacle Foods shareholders.
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