Purchase Of Arden By TPG May Not Be In Shareholders' Best Interests

(RTTNews) - Shareholder rights attorneys at Robbins Arroyo LLP on Thursday announced the investigation of the acquisition of Arden Group Inc. (ARDNA) by TPG Capital.

On December 20, Arden agreed to be acquired by TPG for $126.50 per share in cash for each share of Arden common stock.

Robbins Arroyo LLP's investigation focuses on whether the board at Arden is undertaking a fair process to obtain maximum value and adequately compensate Arden Group shareholders in the merger.

The $126.50 consideration represents a one day discount of 2% based on the Arden's closing price on December 20, 2013, and premium of only 14% based on Arden Group's closing price on July 12 2013, the trading day before the announcement that the company was evaluating strategic alternatives, including a potential sale of the company.

Notably, Arden Group's stock has consistently traded above the $126.50 offer price since the July announcement, closing as high as $135.82 on September 10, 2013.

Further, Arden Group reported same store sales increases in the company's sixteen supermarkets for both the third quarter and the nine months ended September 28, 2013.

Given these facts, Robbins Arroyo LLP is examining the Arden board's decision to sell the company to TPG now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects, and whether they are seeking to benefit themselves.

Arden Group shareholders have the option to file a class action lawsuit to ensure the board of directors properly evaluates the proposal to obtain the best possible price for shareholders and the disclosure of material information.