The takeover of Primo Water Corporation is under investigation over possible wrongdoing by certain directors of Primo Water Corporation.
Investors who purchased shares of Primo Water Corporation (NASDAQ: PRMW) and currently hold any of thoseNASDAQ: PRMW shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Primo Water Corporation breached their fiduciary duties owed to NASDAQ: PRMW investors in connection with the proposed acquisition.
Winston-Salem, NC based Primo Water Corporation, together with its subsidiaries, provides multi-gallon purified bottled water, self-service refill water, and water dispensers in the United States and Canada.
On January 13, 2020, Cott Corporation (NYSE:COT; TSX:BCB) announced that it has entered into an agreement pursuant to which Cott will acquire Primo Water Corporation (Nasdaq:PRMW) ("Primo") for $14.00 per share payable in cash and stock (or a combination thereof) at the election of Primo's stockholders, subject to the terms of the merger agreement.
However, given that NASDAQ: PRMW shares traded in 2018 as high as $20.65 per share and closed on January 31, 2020, at $15.07 per share, the investigation concerns whether the offer is unfair to NASDAQ: PRMW stockholders.
In addition, given that certain Primo directors and officers who are beneficial owners of 10.4% of Primo equity have entered into support agreements with Cott pursuant to which they already have agreed to tender their common stock in the exchange offer and elect to receive the stock consideration in respect of their common stock, the investigation concerns whether the Primo Water Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in Primo Water Corporation (NASDAQ: PRMW) shares have certain options and should contact the Shareholders Foundation.
Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
