NEW
YORK, Feb. 14, 2023 /PRNewswire/ -- Shareholder
rights law firm Julie & Holleman is investigating the proposed
going-private acquisition of Trean Insurance Group, Inc. (Nasdaq:
TIG) by Altaris, LLC, the company's controlling shareholder.
Altaris already owns nearly half of the company, but it recently
signed a deal to acquire the rest of the company's shares for
$6.15 per share in cash, or a total
of about $350 million. This compares
to financial analyses valuing the company as high as $8.34 per share.
To learn more about the investigation, click here. There is no
cost or obligation to you.
Founded in 1996 as a reinsurance broker, Trean provides products
and services to the specialty insurance market. The company has
historically focused on underserved casualty markets like niche
workers' compensation and small- to mid-sized insurance programs,
where Trean's expertise helps it achieve higher rates. Trean has
recently boasted about its promise for long-term growth. For
example, in its most recent annual report, Trean said, "We believe
many of our target markets are experiencing strong secular
tailwinds and consequently are growing more quickly than the
broader market."
Despite Trean's substantial upside, the company entered into a
merger agreement in December, under which Altaris, which owns 47%
of the company's stock, will acquire all the shares it does not
already own for $6.15 per share.
Julie & Holleman is investigating potential legal claims
available to Trean's shareholders regarding the proposed
acquisition, including claims relating to potential conflicts
resulting from the fact that Altaris owns
nearly half of the company it now wants to buy. Numerous
members of Trean's board of directors were also designated by
Altaris, which raises questions about the board's independence.
Julie & Holleman is also concerned about the adequacy of the
$6.15 per share acquisition price in
light of the company's own statements about its growth trajectory.
Moreover, Trean's own financial advisor, Houlihan Lokey, performed analyses suggesting
that the company was worth up to $8.34 per share. Thus, it appears that Altaris is
taking advantage of the short-term dip in Trean's stock price to
scoop up the company at a steep discount.
If you would like more information about Julie & Holleman's
investigation, or about the acquisition in general, please contact
W. Scott Holleman by email at
scott@julieholleman.com or by telephone at (929) 415-1020. You may
also visit the firm's website by clicking here. There is no cost or
obligation to you.
Julie & Holleman is a boutique law firm that focuses on
shareholder litigation, including derivative actions, mergers and
acquisitions cases, securities fraud class actions, and corporate
investigations. The firm's attorneys litigate in state and federal
courts across the nation. For more information about the firm,
please visit https://www.julieholleman.com/. This notice may
constitute attorney advertising.
CONTACT INFORMATION
Julie & Holleman LLP
W. Scott Holleman, Esq.
157 East 86th Street
4th Floor
New York, NY 10028
(929) 415-1020
www.julieholleman.com
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SOURCE Julie & Holleman LLP