The plaintiff claims Hillshire executives breached their fiduciary duties by agreeing to sell the company to Tyson Foods "too cheaply via an unfair process", according to a statement from the Shareholders Foundation Inc., San Diego. The company is a portfolio monitoring service specializing in securities class action and other legal actions.
Stevenson, Maryland-based Brower Piven, a securities litigation law firm, recently announced the firm's intention to investigate possible breaches of fiduciary duty and other violations by the Hillshire board.
Springdale, Arkansas-based Tyson Foods agreed to acquire all outstanding shares of Hillshire Brands for $63 per share. The all-cash transaction is valued at approximately $8.55 billion.