The shareholder law firm is reviewing Utz's proposed sale to Intersnack Group GmbH & Co. KG, under which investors are expected to receive $14.25 a share in cash.
Monteverde & Associates PC said it is investigating Utz Brands, Inc. and its proposed sale to Intersnack Group GmbH & Co. KG, a transaction under which Utz shareholders are expected to receive $14.25 per share in cash. The New York-based shareholder law firm invited investors to seek additional information at no cost and framed its review around whether the deal represents a fair outcome for shareholders. The update follows an earlier announcement by Ademi LLP, which had said it was reviewing the Utz transaction for possible breaches of fiduciary duty and other legal violations. In that earlier release, Ademi said the deal would leave the Rice and Lissette Family and Intersnack Group each owning 50% of Utz after closing, and it raised concerns about change-of-control benefits for insiders and deal protections that it said could deter competing bids. Monteverde described itself as a national class action securities firm and said it has recovered millions of dollars for shareholders. Its release did not add further transaction details beyond the $14.25-per-share cash consideration and the buyer's identity.