NEW YORK, May 5, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of OneBeacon Insurance Group, Ltd. ("OB" or the "Company") in connection with the proposed acquisition of the Company by Intact Financial Corporation ("Intact"). Under the terms of the agreement, OB shareholders will receive $18.10 in cash for each share they own.
WeissLaw is investigating whether OB's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the offer price represents a mere 10% premium over the Company's April 28 trading price of $16.36. In addition, according to the May 2, 2017 press release announcing the deal, the acquisition is a strategic transaction that "will create a North American leader in specialty insurance [and] bolster Intact's Canadian business with new products and cross-border capabilities." This was a point further highlighted by Intact CEO, Charles Brindamour, when he emphasized the significance of OB's "deep expertise in commercial and specialty lines," stating in part that the deal was "an important step in building a world-class [property and casualty] insurer."
Given these facts, WeissLaw is investigating the Board of Directors' decision to sell OB and whether OB's Board acted in the best interests of OB's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with Intact. If you own OB 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/onebeacon-insurance-group-ltd/
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SOURCE WeissLaw LLP