Penn Millers Holding Corporation
Robbins Umeda LLP Announces an Investigation of Penn Millers Holding Corporation
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.
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