March 11, 2014
Bernstein Liebhard LLP is investigating whether the Board of Directors of Safeway Inc. (“Safeway” or the “Company”) (NYSE: SWY) breached its fiduciary duty to its shareholders in agreeing to sell Safeway to AB Acquisition LLC.
Under the terms of the agreement, Safeway shareholders will receive $32.50 in cash for each share they own. Additionally, shareholders will have the right to receive pro-rata distributions of net proceeds from primarily non-core assets with an estimated value of $3.65 per share. The investigation is focused on the potential unfairness of the price to Safeway shareholders and the process by which the Safeway Board of Directors considered and approved the transaction.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last twelve years.