An investigation on behalf of investors of Alterra Capital Holdings Ltd (NASDAQ:ALTE) in connection with the proposed takeover was announced and NASDAQ:ALTE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/23/2013 -- An investigation on behalf of investors in Alterra Capital Holdings Ltd (NASDAQ:ALTE) shares was announced concerning whether the offer to acquire Alterra Capital Holdings Ltd at about $29.75 per NASDAQ:ALTE share and the takeover process are unfair to investors in NASDAQ:ALTE shares.
Investors who purchased shares of Alterra Capital Holdings Ltd (NASDAQ:ALTE) prior to Dec. 19, 2012, and currently hold any of those NASDAQ:ALTE shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Alterra Capital Holdings Ltd breached their fiduciary duties owed NASDAQ:ALTE investors in connection with the proposed acquisition.
On December 19, 2012, Markel Corporation (NYSE: MKL) and Alterra Capital Holdings Limited (NASDAQ: ALTE; BSX: ALTE.BH) announced that their respective boards of directors have each approved a definitive merger agreement. Under the terms of the agreement, the aggregate consideration for Alterra Capital Holdings Ltd is approximately $3.13 billion, based on a closing price of $486.05 for Markel common stock on December 18, 2012. At closing, each Alterra Capital Holdings Ltd common share will be converted into the right to receive 0.04315 Markel common shares (with cash paid for fractional shares) plus a cash payment of $10. Based on Markel’s closing price of $459.30 as of January 16, 2013, the deal values Alterra Capital Holdings Ltd at about $29.75per NASDAQ:ALTE share.
However, at least one analyst has set the High Target price for NASDAQ:ALTE shares at $31.00 per share. Furthermore, Alterra Capital Holdings’ financial performance improved lately. For instance, it reported that its annual Revenue rose from $746.99 million in 2008 to over $16.2 billion in 2011 and its Net Loss of $175.32 million in 2008 turned into a Net Income of $65.28 million in 2011.In addition, shares of Alterra Capital Holdings Ltd (NASDAQ:ALTE) grew from $17.50 in August 2010 to $24.48 in October 2012.
Therefore the investigation a law firm concerns whether the proposed transaction is unfair to NASDAQ:ALTE stockholders.
Specifically, the investigation focuses on whether the Alterra Capital Holdings Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in Alterra Capital Holdings Ltd (NASDAQ:ALTE), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego