A PYMNTS Company

US: Grocery store execs escape suit over Apollo buyout

By  |  January 2, 2020

Fresh Markets board, but not its top officers, escaped a Delaware lawsuit against virtually everyone involved in the US$1.36 billion deal that made it a subsidiary of Apollo Global Management.

The ruling doesn’t affect aiding and abetting claims against Apollo, deal adviser JPMorgan Chase, and Fresh Market’s attorneys at Cravath, Swaine & Moore.

The proposed class action accuses the grocery chain’s directors and leadership of agreeing to a below-market offer of US$28.50 per share based on conflicts of interest stemming from equity rollovers and seven-figure severance packages.

Full Content: Bloomberg

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