NPC International, Inc. (Nasdaq:NPCI) yesterday announced that three lawsuits seeking certification as class actions have been filed against the Company and several of its directors seeking to prevent the proposed purchase of the minority interest of the Company by O. Gene Bicknell, Chairman, Chief Executive, and owner of approximately 65% of the outstanding stock of the Company.
The suits also seek damages in the event that the proposed transaction is consummated.
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The lawsuits follow the announcement on December 13, 2000, that the Company had received an offer from Mr. Bicknell to acquire the minority interest of the Company for $11.40 per share in a cash transaction. After the announcement, the board of directors of the Company formed a special committee comprised solely of independent directors to evaluate the fairness of the offer.
John M. Edgar, an attorney representing NPC International, Inc. and the special committee, said that his clients “deny that they have done anything improper, and plan to vigorously defend the suits.”
For more information, contact John M. Edgar, Bryan Cave LLP (816/374-3200).
NPC International, Inc. is the world’s largest Pizza Hut franchisee and currently operates 839 Pizza Hut restaurants and delivery kitchens in 27 states.
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