Buyout Of National Financial Partners - Law Firm Seeks Higher Price For Shareholders
NEW YORK, April 15, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights firm, announces that it has been retained to investigate the acquisition of National Financial Partners Corp. (NYSE: NFP) on behalf of shareholders. National Financial Partners Corp. announced that it has entered into a definitive agreement with Madison Dearborn Partners, LLC, a private equity investment firm, under which NFP shareholders will receive $25.35 in cash for each share of NFP common stock they own.
The investigation concerns whether the board of directors of NFP breached their fiduciary duties by not engaging in a full and fair auction for the company to obtain the highest price possible for shareholders, while, at the same time, negotiating potential pay packages, benefits and equity stakes for themselves. Indeed, NFP has approx. $2.25 per share of cash on its books, which will go to the buyer of the company. Therefore, the actual purchase price is closer to $23.10 per share, which is well below analysts' valuation.
If you are a shareholder of NFP and would like additional information regarding this lawsuit at no cost or obligation and how you can join with other shareholders at no cost in obtaining a higher price for your shares, please contact us toll free at 877-772-3975 or email at firstname.lastname@example.org
SOURCE Tripp Levy PLLC