Investors Want Emergency Injunction In $9B Safeway Deal
By Michael Lipkin
Law360, Los Angeles (June 9, 2014, 3:55 PM ET) -- Pension funds suing Safeway Inc. in a putative class action over the grocery chain’s $9 billion sale to private equity-backed Albertsons LLC asked a California federal judge on Friday to stop a shareholder vote on the deal, arguing Safeway’s proxy statement left out key information.
The plaintiffs filed a motion for an emergency preliminary injunction seeking to postpone the vote until Safeway and Albertsons disclose more details about the sales process, the valuation analyses prepared by outside advisers and financial forecasts. The pension funds claimed the...