An investigation on behalf of investors of Symetra Financial Corporation (NYSE:SYA) in connection with the proposed takeover was announced and NYSE:SYA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/02/2015 -- An investigation for investors in NYSE:SYA shares was announced concerning whether the takeover of Symetra Financial by Sumitomo Life Insurance Company for $32.50 per share is unfair.
On August 11, 2015, Symetra Financial Corporation (NYSE:SYA) announced that it has entered into a merger agreement with Sumitomo Life Insurance Company pursuant to which Sumitomo Life will acquire all of the outstanding shares of Symetra Financial Corporation (NYSE:SYA).
Investors who purchased shares of Symetra Financial Corporation (NYSE:SYA) and currently hold any of those NYSE:SYA shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of Symetra Financial Corporation breached their fiduciary duties owed to NYSE:SYA investors in connection with the proposed acquisition.
Under the terms of the proposed transaction shareholders of Symetra Financial Corporation will receive a total combined transaction consideration of $32.50 per share.
However, given that Symetra Financial's largest shareholders, White Mountains and Berkshire Hathaway, representing approximately 18% and 17% ownership of common shares, respectively, have already agreed to vote in favor of the transaction, the investigation concerns whether the offer is unfair to NYSE:SYA stockholders. More specifically, the investigation concerns whether the Symetra Financial 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.
On August 31, 2015, NYSE:SYA shares closed at $31.47 per share.
Those who are current investors in Symetra Financial Corporation (NYSE:SYA) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego