Robbins Umeda LLP Announces an Investigation of Penn Millers Holding Corporation
13 9월 2011 - 3:59AM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, has
commenced an investigation into possible breaches of fiduciary duty
and other violations of state law by members of the board of
directors of Penn Millers Holding Corporation (NASDAQ:PMIC) in
connection with their efforts to sell the company to a subsidiary
of ACE Limited (NYSE:ACE).
On September 9, 2011, Penn Millers announced that it had entered
into a definitive merger agreement pursuant to which the ACE
subsidiary will acquire all outstanding shares of the company in an
all cash transaction. According to the terms of the deal,
shareholders will receive $20.50 for each share of Penn Millers
they own. The transaction is expected to close in the first quarter
of 2012.
Robbins Umeda LLP's investigation focuses on whether the board
of Penn Millers is undertaking a fair process to obtain maximum
value and adequately compensate shareholders, including whether the
board failed to adequately shop the company before entering into
the merger agreement and whether the ACE subsidiary is underpaying
for Penn Millers shares.
If you own stock in Penn Millers and would like more information
about your shareholder rights, please contact attorney Gregory E.
Del Gaizo at 800-350-6003 or via the shareholder information form
on the firm's website.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
firm's skilled litigation teams include former federal prosecutors,
former defense counsel from top multinational corporate law firms,
and career shareholder rights attorneys. Robbins Umeda LLP has
helped its clients realize more than $1 billion of value for
themselves and the companies in which they have invested. For more
information, please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/penn-millers/
Attorney Advertising. Past results do not guarantee a similar
outcome.
Penn Millers Holding Corp. (MM) (NASDAQ:PMIC)
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Penn Millers Holding Corp. (MM) (NASDAQ:PMIC)
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