We are investigating the fairness of the price of $4.875 per share in cash for which Whole Earth Brands, Inc. (Nasdaq: FREE) (“Whole Earth”) has agreed to be sold to an affiliate of Sababa Holdings FREE, LLC (“Sababa”), an entity wholly owned by Sir Martin E. Franklin, Whole Earth’s largest shareholder. The sales price is below the price target of every Wall Street analyst covering Whole Earth (source: TipRanks).
If you remain a Whole Earth shareholder and question the fairness of the price, you may contact our firm to discuss your legal rights at no charge by completing and submitting the form below.
Why is there an investigation?
On February 13, 2024, Whole Earth announced that it had agreed to be sold to Sababa for $4.875 per share in cash upon the recommendation of a special committee (“Special Committee”) of purportedly independent members of the Whole Earth board of directors (“Board”).
“We are investigating whether the Whole Earth Board acted in the best interests of Whole Earth shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the members of the Special Committee were truly independent, whether the price agreed upon is fair to Whole Earth shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, according to TipRanks, the sales price is well below the price targets of every Wall Street analyst covering Whole Earth:
- Michael Piccolo of Imperial Capital (price target: $8.25 per share)
- Robert Dickerson of Jefferies (price target: $7.00 per share)
- Ryan Meyers of Lake Street (price target: $6.00 per share), and
- Robert Burleson of Canaccord Genuity (price target: $5.00 per share).