Law Office of Brodsky & Smith, LLC Announces Investigation of PMA Capital Corporation
11 Junho 2010 - 7:16PM
Business Wire
Law office of Brodsky & Smith, LLC announces that it is
investigating potential claims against the Board of Directors of
PMA Capital Corporation (“PMA Capital” or the “Company”)
(Nasdaq:PMACA) relating to the proposed acquisition by Old Republic
International Corporation (“Old Republic”).
Under the terms of the transaction, PMA Capital shareholders
would receive 0.55 shares of Old Republic common stock for each
share of PMA Capital stock they own. The exchange rate may be
adjusted, to not exceed 0.60 or be less than 0.50, depending on the
price of Old Republic’s common stock preceding the closing of the
merger. Based upon the prior closing price of Old Republic, the
transaction values PMA Capital stock at approximately $7.10 per
share. The investigation concerns possible breaches of fiduciary
duty and other violations of state law. The transaction appears to
be unfair, in part, given that PMA stock was trading at $7.43 a
share as recently as May 13, 2010 and was trading at $7.18 a share
on November 23, 2009
If you own shares of PMA Capital and wish to discuss the legal
ramifications of the proposed transaction, or have any questions,
you may e-mail or call the law office of Brodsky & Smith, LLC
who will, without obligation or cost to you, attempt to answer your
questions. You may contact Jason L. Brodsky, Esquire or Evan J.
Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite
602, Bala Cynwyd, PA 19004, by e-mail at
investorrelations@brodsky-smith.com, or by calling toll free
877-LEGAL-90.
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