Heinz Investor Says $28B Sale Stiffs Shareholders

Law360, Los Angeles (March 1, 2013, 5:20 PM EST) -- H.J. Heinz Co.’s board of directors was hit with a derivative suit on Thursday for alleged breaches of fiduciary duty by a shareholder who says the directors undervalued the company when they agreed to sell it for $28 billion.

The suit, filed in Allegheny, Pa., on Thursday, comes two weeks after Warren Buffett's Berkshire Hathaway Inc. and private equity firm 3G Capital Management LLC announced they’d team up to swallow Heinz in a going-private deal.

Shareholder Andrew Bushkin, on behalf of Heinz, himself and others similarly...
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