A lawsuit was filed by an investor in shares of Protective Life Corp. (NYSE:PL) in effort to stop the proposed takeover and NYSE:PL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/16/2014 -- An investor, who currently holds shares of Protective Life Corp. (NYSE:PL) filed a lawsuit in effort to halt the takeover of Protective Life Corp. by Dai-ichi Life Insurance Company.
Investors who purchased shares of Protective Life Corp. (NYSE:PL) and currently hold any of those NYSE:PL shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:PL stockholders by agreeing to sell Protective Life Corp.too cheaply via an unfair process to Dai-ichi Life Insurance Company, Limited.
On June 3, 2014, Dai-ichi Life Insurance Company, Limited (TSE: 8750) and Protective Life Corporation (NYSE: PL) announced that they have entered into an agreement under which -ichi Life Insurance Company will acquire all outstanding shares of Protective Life Corporation for $70.00 per share in cash, or a total transaction value of approximately $5.7 billion.
However, the plaintiff claims that the offer is too low and undervalues Protective Life Corp. Indeed, Protective Life Corp’s financial performance improved lately. For instance, Protective Life Corp. reported that its annual Total Revenue rose from over $3.62 billion in 2012 to over $3.96 billion in 2013 and that its respective Net Income increased from $302.45 million to $393.46 million. Shares of Protective Life Corp. (NYSE:PL) grew from $15.17 per share in September 2011 to as high as $53.86 per share in March 2014.
On June 13, 2014, NYSE:PL shares closed at $69.46 per share
Those who are current investors in Protective Life Corp. shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego