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Briscoe Law Firm Investigates Tasty Baking Co. for Shareholders Concerning Acquisition by Flowers Foods

^{Published on 2011-04-12 08:50:24 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of [ Powers Taylor, LLP ] are investigating potential legal claims against the Board of Directors of [ Tasty Baking Co ]. (aTasty Bakinga or aTSTYa) (NASDAQ: TSTY) related to the proposed buyout of Tasty Baking by Flowers Foods.

"Based on the fact that the acquisition price is well below what Tasty Baking shares were trading for as recently as December 2010, and other considerations, we feel that the price offered to Tasty Baking shareholders is unfair"

The definitive merger agreement involves an all-cash transaction valued at approximately $165 million. Under the proposed buyout, Tasty Baking shareholders will receive only $4.00 in cash for each share of Tasty Baking/TSTY common stock they hold. The transaction is expected to close during the second quarter of 2011.

The firms are investigating the fairness of the proposed transaction to Tasty Baking shareholders and whether Tasty Bakinga™s Board of Directors acted in the shareholdersa™ best interests. Specifically, the acquisition price is well below the companya™s 52-week high of $7.90 per share. In addition, at least one analyst has set a target price of $14.00 for TSTY shares. aBased on the fact that the acquisition price is well below what Tasty Baking shares were trading for as recently as December 2010, and other considerations, we feel that the price offered to Tasty Baking shareholders is unfair,a said shareholder rights attorney Willie Briscoe. The firms are also investigating whether Tasty Bakinga™s Board of Directors adequately considered all viable alternatives and properly shopped the company before entering into the acquisition agreement.

If you currently own shares of Tasty Baking/TSTY and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.