According to the Complaint, on May 8, 2016, Krispy Kreme and JAB jointly announced that they had reached a definitive Agreement and Plan of Merger ("Merger Agreement") whereby Krispy Kreme will merge with and into Merger Sub ("the "Merger"), with Krispy Kreme surviving as a wholly-owned subsidiary of Cotton Parent, Inc.
The Complaint alleges that the Merger Consideration and the process by which Defendants agreed to consummate the Proposed Transaction are fundamentally unfair to Krispy Kreme's public shareholders. In addition, it is alleged the Proxy contains materially incomplete and misleading information concerning (i) the background of the Proposed Transaction; (ii) the Company's internal financial data forecasts; and (iii) the financial analyses of the Proposed Transaction performed by Wells Fargo.
On September 21, 2016, the Court granted the parties' Consent Motion for Stay; all deadlines in the case are stayed pending further order of the Court.
On January 31, 2018, this case was voluntarily dismissed.