Kendall Law Group Investigates PMA Capital Corporation Merger for Shareholders
11 Junho 2010 - 4:09PM
Business Wire
Kendall Law Group, a national securities firm, is investigating
PMA Capital Corporation (NASDAQ: PMACA) for shareholders in
connection with the proposed acquisition of PMA by Old Republic
International Corp. The firm’s investigation seeks to determine
whether PMA and its Board breached their fiduciary duties by
entering into the agreement without properly shopping for a deal
that would provide better value for shareholders. If you are a PMA
shareholder and would like additional information about your
rights, contact the Kendall Law Group at 877-744-3728 or by email
at skendall@kendalllawgroup.com.
On June 10, 2010, the companies announced that they had entered
into a definitive merger agreement for PMA to be acquired by Old
Republic in an all stock transaction. Under the merger agreement,
PMA common shareholders will receive 0.55 shares of Old Republic
common stock. At the time of the announcement, the exchange ratio
represented “approximately 15%” premium to the June 8 closing price
of PMA shares. However, on May 12, 2010, less than one month ago,
PMA shares traded as high as $7.54 per share. Old Republic closed
at $12.80 on June 10, putting the exchange price at $7.04 per
share. The firm’s investigation seeks to determine whether the
transaction is undervaluing the company.
Kendall Law Group was founded by a former federal judge and a
former United States Attorney, and includes securities lawyers and
former prosecutors who are experienced in complex securities
litigation. The firm has been counsel in dozens of merger and
acquisition cases nationwide, including some of the largest
transactions in the United States.
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