Foodarama Management Hires Firms to Weigh Internal Takeover Bid
FREEHOLD, N.J. -- Foodarama Supermarkets Inc. said it has retained legal and financial advisers to assist in evaluating a possible purchase bid that would take the company private.
In a press release that was released yesterday, Foodarama said it hired Pitney Hardin LLP legal adviser, and William Blair & Co. as financial adviser. Last month, Foodarama had revealed it received a non-binding proposal to go private from a purchaser group consisting of its c.e.o. and president, Richard J. Saker, chairman Joseph J. Saker, and six other members of the Saker family who are shareholders of the company. The deal would be for $52 a share.
The purchaser group currently owns or controls about 51 percent of the company's issued and outstanding common stock. Shares of Foodarama recently changed hands at $51, up 50 cents, or 1 percent, from Friday's close. Foodarama operates 26 supermarkets, all licensed as ShopRite, two liquor stores and one garden center. It is a member of the Wakefern Food Corp.
In a press release that was released yesterday, Foodarama said it hired Pitney Hardin LLP legal adviser, and William Blair & Co. as financial adviser. Last month, Foodarama had revealed it received a non-binding proposal to go private from a purchaser group consisting of its c.e.o. and president, Richard J. Saker, chairman Joseph J. Saker, and six other members of the Saker family who are shareholders of the company. The deal would be for $52 a share.
The purchaser group currently owns or controls about 51 percent of the company's issued and outstanding common stock. Shares of Foodarama recently changed hands at $51, up 50 cents, or 1 percent, from Friday's close. Foodarama operates 26 supermarkets, all licensed as ShopRite, two liquor stores and one garden center. It is a member of the Wakefern Food Corp.