STEVENSON, Md., March 13, 2014 (GLOBE NEWSWIRE) -- The securities litigation firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the Superior Court of the State of California, for the County of Alameda, on behalf of all common stockholders of Safeway, Inc. ("Safeway" or the "Company") (NYSE:SWY) asserting claims that the members of the Company's board of directors have breached fiduciary duties they owe to Safeway shareholders.
On March 6, 2014, Safeway announced that it has entered into an agreement with the affiliates of Cerberus Capital Management L.P. (collectively, "Cerberus"), under which AB Acquisition LLC, which is controlled by a Cerberus-led investor group, will acquire all outstanding shares of Safeway for $32.50 per share in cash.
The Complaint alleges that the $32.50 per share offered by Cerberus and accepted by the Company's board of directors ("Board") is inadequate and seriously undervalues Safeway's core business. According to the Complaint, the Board agreed to various "deal protection" measures that deter other parties from submitting a higher bid for the Company.
If you currently own common stock of Safeway and would like to learn more about the lawsuit, 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 hoffman@browerpiven.com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. The senior attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 100 years.