An investigation on behalf of investors of Presidential Life Corp (NASDAQ:PLFE) in connection with the takeover was announced and NASDAQ:PLFE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/16/2012 -- An investigation on behalf of investors in Presidential Life Corp (NASDAQ:PLFE) shares was announced concerning whether the offer by an Athene subsidiary to acquire Presidential Life for $14.00 per NASDAQ:PLFE shares and the takeover process are unfair to investors in NASDAQ:PLFE shares.
Investors who purchased shares of Presidential Life Corp (NASDAQ:PLFE) prior to July 13, 2012, and currently hold any of those:PLFE 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 Presidential Life Corp breached their fiduciary duties owed to NASDAQ:PLFE investors in connection with the proposed acquisition.
On July 13, 2012, Presidential Life Corporation (NASDAQ: PLFE) and Athene Holding Ltd. announced an agreement for an Athene subsidiary to acquire Presidential Life for $14.00 per share in cash, representing an aggregate purchase price of approximately $415 million.
However, Presidential Life Corp has performed well for its investors in the past. Its annual Revenue rose from $225.79million in 2008 to $267.44million in 2011 and its Net Loss of $6.34million in 2008 turned into a Net Income of $38.94million in 2011.
Therefore the investigation for NASDAQ:PLFE investors concerns whether the proposed transaction is unfair to Presidential Life Corp stockholders. Specifically, the investigation focuses on whether the Presidential Life 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 Presidential Life Corp (NASDAQ:PLFE) and purchased their Presidential Life Corp. shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego