Glancy Binkow & Goldberg LLP Continues Investigation of Penn Millers Holding Corp.
September 30 2011 - 2:12PM
Business Wire
Glancy Binkow & Goldberg LLP is continuing its investigation
of potential claims against the Board of Directors of Penn Millers
Holding Corporation ( “Penn Millers” or the “Company”) (NASDAQ:
PMIC) related to the proposed acquisition of the Company by a
subsidiary of ACE Limited. The transaction is expected to close by
the first quarter of 2012 and is valued at approximately $104
million or $20.50 per share.
The investigation concerns whether the Board of Directors of
Penn Millers breached their fiduciary duties to stockholders by
failing to adequately shop the Company before agreeing to enter
into the proposed transaction, and whether the Company has
disclosed all material information to shareholders about the
transaction. The Company has seen substantial recent growth. It’s
share price has sky rocketed from $13.78 on April 15, 2011 to
$17.65 on May 10, 2011.
If you are a shareholder of Penn Millers, if you have
information or would like to learn more about these claims, or if
you wish to discuss these matters or have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Louis Boyarsky, Esquire, Glancy Binkow
& Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los
Angeles, CA 90067, by telephone at (310) 201-9150 or Toll Free at
(888) 773-9224 or by email to shareholders@glancylaw.com.
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