NEW YORK, May 24, 2017 /PRNewswire/ -- The proposed acquisition of Fidelity & Guaranty Life ("FGL" or the "Company") by CF Corporation ("CFCO") is the subject of an examination by WeissLaw LLP, a national class action, shareholders rights law firm. On May 24, 2017, FGL and CFCO jointly announced the acquisition of the Company by CFCO. Under the terms of the agreement, the Company's shareholders will receive $31.10 in cash for each FGL share they own.
WeissLaw is investigating whether FGL's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the offer price represents a meagre 8.4% premium over FGL's May 23 closing price of $28.70. Additionally, in its latest financial release the Company reported robust results. It announced average assets under management increased to $20 billion in the second quarter of 2017, up 9% from the previous year. FGL also saw double-digit growth in net income, from $9 million in the second quarter of 2016 to $22 million in the following year, representing an impressive $13 million year-over-year increase.
Given these facts, WeissLaw is investigating whether FGL's Board acted in the best interests of FGL's public shareholders to maximize shareholder value prior to entering into the agreement. If you own FGL shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/fidelity-and-guaranty-life/
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SOURCE WeissLaw LLP