December 19, 2014 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of The Pantry Inc (NASDAQ:PTRY), was announced concerning whether the takeover of The Pantry Inc by Alimentation Couche-Tard Inc for a value at $36.75 per share is unfair to NASDAQ:PTRY stockholders.

The investigation by a law firm concerns whether certain officers and directors of The Pantry Inc breached their fiduciary duties owed to NASDAQ:PTRY investors in connection with the proposed acquisition.

On December 18, 2014, Alimentation Couche-Tard Inc. (TSX:ATD.A) (TSX:ATD.B) and The Pantry Inc (NASDAQ:PTRY) announced a merger agreement under which Alimentation Couche-Tard Inc will acquire The Pantry Inc in an all-cash transaction valued at US $36.75 per share, with a total enterprise value of approximately US $1.7 billion including debt assumed.

However, given that at least one analyst has set the high target price for NASDAQ:PTRY at $37.00 per share, the investigation concerns whether the offer is unfair to NASDAQ:PTRY stockholders. More specifically, the investigation concerns whether the Pantry Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

The Pantry Inc reported that while its Total Revenue declined from over $7.82 billion for the 52 weeks period that ended on Sept. 26, 2013 to over $7.54 billion for the 52 weeks period that ended on Sept. 25, 2014 its net Loss of $3.01 million for the 52 weeks period that ended on Sept. 26, 2013 turned into a Net Income of $13.22 million for the 52 weeks period that ended on Sept. 25, 2014. Shares of The Pantry Inc (NASDAQ:PTRY) grew from $11.22 per share in October 2013 to as high as $30.17 per share on December 15, 2014.