A lawsuit was filed for investors in shares of The Phoenix Companies, Inc. (NYSE:PNX) in connection with the proposed takeover was announced and NYSE:PNX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/16/2015 -- A shareholder in NYSE:PNX shares filed a lawsuit in effort to halt the proposed takeover of The Phoenix Companies, Inc.
Investors who purchased shares of The Phoenix Companies, Inc. (NYSE:PNX) and currently hold any of those NYSE:PNX shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:PNX stockholders by agreeing to sell The Phoenix Companies, Inc. too cheaply via an unfair process to Nassau Reinsurance Group Holdings L.P.
On September 29, 2015, Nassau Reinsurance Group Holdings L.P. and The Phoenix Companies, Inc.(NYSE:PNX) announced that they have entered into a definitive agreement in which Nassau will acquire Phoenix for $37.50 per share in cash, or aggregate equity purchase price of $217.2 million.
However, the plaintiff claims that the proposed consideration NYSE:PNX shareholders will receive is grossly inadequate and undervalues The Phoenix Companies. In addition, the plaintiff claims that the process is also unfair to In addition, the plaintiff claims that the process is also unfair to NYSE:BMR stockholders stockholders
The Phoenix Companies, Inc. (NYSE:PNX) closed on November 13, 2015, at $34.63 per share.
Those who are current investors in The Phoenix Companies, Inc. (NYSE:PNX) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com