October 4, 2018 - The case was voluntarily dismissed.
August 7, 2018 - An investor, who currently holds shares of Pinnacle Foods Inc. (NYSE: PF), filed a lawsuit against the takeover of Pinnacle Foods Inc. by Conagra Brands, Inc.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: PF stockholders by agreeing to sell Pinnacle Foods Inc. cheaply via an unfair process.

Parsippany, NJ based Pinnacle Foods Inc. manufactures, markets, and distributes branded convenience food products in North America. On June 27, 2018, Conagra Brands, Inc. (NYSE: CAG) and Pinnacle Foods Inc. (NYSE: PF) announced that their boards of directors have approved an agreement under which Conagra Brands will acquire all outstanding shares of Pinnacle Foods in a cash and stock transaction valued at approximately $10.9 billion, including Pinnacle Foods' outstanding net debt. Under the terms of the transaction, Pinnacle Foods shareholders will receive $43.11 per share in cash and 0.6494 shares of Conagra Brands common stock for each share of Pinnacle Foods held. The implied price of $68.00 per Pinnacle Foods share is based on the volume-weighted average price of Conagra Brands' stock for the five days ended June 21, 2018.

However, plaintiff claims that the proposed consideration NYSE: PF shareholders will receive is grossly inadequate and undervalues Pinnacle Foods Inc.. Indeed, at least one analyst has set the high target price for NYSE: PF shares at $72.00 per share. In addition, the plaintiff alleges that the process is also unfair NYSE: PF stockholders.