Amplify Snack Brands Inc (NYSE:BETR) Investor Lawsuit Against Acquisition Filed

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Company Name(s): 
Amplify Snack Brands
Case Name: 
Amplify Snack Brands Deal Case 01/10/2018
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Date Filed: 

An investor, who currently holds shares of Amplify Snack Brands Inc (NYSE:BETR), filed a lawsuit in effort to halt the proposed takeover of Amplify Snack Brands Inc. by the Hershey Company for $12.00 per share.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:BETR stockholders by agreeing to sell Amplify Snack Brands Inc nc cheaply via an unfair process to the Hershey Company.

Austin, TX based Amplify Snack Brands, Inc. is a snack food company focused on developing and marketing products that appeal to consumers' growing preference for better-for-you (BFY) snacks. On December 18, 2017, the Hershey Company (NYSE:HSY) and Amplify Snack Brands, Inc. (NYSE:BETR) announced that they have entered into an agreement under which Hershey will acquire all outstanding shares of Amplify for $12.00 per share in cash.

However, plaintiff claims that the proposed consideration NYSE:BETR shareholders will receive is grossly inadequate and undervalues Amplify Snack Brands. Amplify Snack Brands Inc reported that its annual Total Revenue rose from $183.91 million in 2015 to $270.81 million in 2016 and that its respective Net Income increased from $9.88 million in 2015 to $27.29 million in 2016. Shares of Amplify Snack Brands Inc (NYSE:BETR) reached in 2016 as high as $16.95 per share. In addition, the plaintiff alleges that the process is also unfair NYSE:BETR stockholders.