Robbins Arroyo LLP Alerts Shareholders that the Acquisition of Annie’s, Inc. (BNNY) by General Mills, Inc. (GIS) May Not Be in Shareholders’ Best Interests
Robbins Arroyo LLP is investigating the proposed acquisition of Annie’s, Inc. (NYSE: BNNY) by General Mills, Inc. (NYSE: GIS). On September 8, 2014, the companies announced the signing of a definitive merger agreement pursuant to which General Mills will acquire Annie’s. Under the terms of the agreement, holders of Annie’s will receive $46.00 per share for each share of Annie’s owned.
Is the Proposed Acquisition Best for Annie’s and Its Shareholders?
Robbins Arroyo LLP’s investigation focuses on whether the board of directors at Annie’s is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.
Notably, on August 7, 2014, Annie’s released its first quarter 2015 earnings, reporting a strong increase in net sales. Notably, net sales increased 10.1% from the same quarter in 2014, to $43.3 million. In commenting on these results, John Foraker, Chief Executive Officer of Annie’s noted, “As we look ahead to the remainder of fiscal 2015, we are confident in our ability to deliver much improved financial results. Our strategies position us well for solid volume growth, driven by base business growth and strong innovation, and we expect margins in the second half of the year to benefit from price realization and important operational improvements.”
In light of these facts, Robbins Arroyo LLP is examining Annie’s board of directors’ decision to merge the company now rather than allow shareholders to continue to participate in the company’s continued success and future growth prospects.
Annie’s shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information. Annie’s shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.