Dive Summary:
- Based on reports from the Cincinnati Business Courier, Harris Teeter shareholders have filed a lawsuit against Kroger Co. to block the company from the planned takeover of Harris Teeter.
- The suit alleges that the proposed buyout figures does not properly reflect the value of Harris Teeter, which was agreed to by both Kroger and Harris Teeter executive board of directors.
- The deal is worth a reported $2.5 billion and was announced on July 9th. Kroger Co. is not named as a party in the suit against the company.
From the article:
Some investors must expect Harris Teeter to fetch a higher price. The stock traded as high as $49.90 on Wednesday and was still above the agreed-on purchase price at midday Thursday, when it traded at $49.53.
Levi & Korsinsky filed the complaint in Mecklenburg County Court in Charlotte, N.C. Harris Teeter is based in nearby Matthews, N.C.
