Blue Buffalo Pet Products, Inc., through its subsidiary, Blue Buffalo Company, Ltd., operates as a pet food company in the United States, Canada, Japan, and Mexico.
On January 31, 2018, Blue Buffalo and General Mills issued a press release announcing the Proposed Transaction, under which General Mills will acquire Blue Buffalo for $40.00 per share in cash, representing an enterprise value of approximately $8.0 billion. The Complaint alleges that in violation of sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 (the “Exchange Act”), and in violation of their fiduciary duties, Defendants caused to be filed the materially deficient Preliminary Information Statement on March 19, 2018 with the SEC. The Preliminary Information Statement is materially deficient and deprives Blue Buffalo stockholders of the information they need to make an intelligent, informed and rational decision of whether to seek appraisal of their shares in lieu of the consideration offered under the terms of the Proposed Transaction.
This action seeks to enjoin the Proposed Transaction or, in the event the Proposed Transaction is consummated, to recover damages resulting from violation of the federal securities laws by Defendants.
This case was voluntarily dismissed on April 13, 2018.