A lawsuit was filed for investors in shares of Alterra Capital Holdings Ltd (NASDAQ:ALTE) in effort to block the proposed takeover and NASDAQ:ALTE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/12/2013 -- An investor in shares of Alterra Capital Holdings Ltd (NASDAQ:ALTE) filed a lawsuit in effort to stop the proposed takeover of Alterra Capital Holdings by Markel Corporation at a value of approximately $29.75 per NASDAQ:ALTE share.
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 plaintiff alleges that the defendants breached their fiduciary duties owed NASDAQ:ALTE stockholders by agreeing to sell the company too cheaply via an unfair process.
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. 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, the plaintiff alleges that the offer is too low and undervalues the company. Indeed, 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.
Furthermore, so the plaintiff, the process is unfair as well. The plaintiff says that the sales process discourages other potential suitors.
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