PMIC Penn Millers Holding Corp. (MM)

Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Penn Millers Holding Corporation (NASDAQ:PMIC) in connection with their efforts to sell the company to a subsidiary of ACE Limited (NYSE:ACE).

On September 9, 2011, Penn Millers announced that it had entered into a definitive merger agreement pursuant to which the ACE subsidiary will acquire all outstanding shares of the company in an all cash transaction. According to the terms of the deal, shareholders will receive $20.50 for each share of Penn Millers they own. The transaction is expected to close in the first quarter of 2012.

Robbins Umeda LLP's investigation focuses on whether the board of Penn Millers is undertaking a fair process to obtain maximum value and adequately compensate shareholders, including whether the board failed to adequately shop the company before entering into the merger agreement and whether the ACE subsidiary is underpaying for Penn Millers shares.

If you own stock in Penn Millers and would like more information about your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or via the shareholder information form on the firm's website.

Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.

Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/penn-millers/

Attorney Advertising. Past results do not guarantee a similar outcome.

Penn Millers Holding Corp. (MM) (NASDAQ:PMIC)
Historical Stock Chart
From May 2024 to Jun 2024

Penn Millers Holding Corp. (MM) (NASDAQ:PMIC)
Historical Stock Chart
From Jun 2023 to Jun 2024