Platinum Underwriters Holdings, Ltd. Acquisition By RenaissanceRe Holdings Ltd. May Not Be In The Best Interests of PTP Shareholders
NEW YORK, Dec. 3, 2014 /PRNewswire/ -- The fairness of the proposed acquisition of Platinum Underwriters Holdings, Ltd. ("PTP" or the "Company") by RenaissanceRe Holdings Ltd. ("RenaissanceRe") is the subject of an examination by WeissLaw LLP, a national class action, shareholder rights law firm. The examination is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of PTP for agreeing to sell the Company to RenaissanceRe.
On November 24, 2014, the Company announced it had reached a definitive agreement for RenaissanceRe to acquire PTP in a transaction valued at approximately $1.9 billion. Under the terms of the agreement, PTP shareholders will receive a $10.00 per share special pre-closing dividend and either (i) $66 in cash; (ii) 0.6504 of a RenaissanceRe common share; or (iii) a combination of $35.96 in cash and 0.2960 of a RenaissanceRe common share for each Company share they own. Based on RenaissanceRe's closing stock price on November 21, 2014, the consideration is valued at approximately $76.00 per share.
WeissLaw is investigating the Board's decision to sell PTP and whether PTP's shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own PTP 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 or Kelly Keenan by telephone at (888) 593-4771 or by email at [email protected].
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 protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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WeissLaw LLP
Joshua Rubin
Kelly Keenan
1500 Broadway, 16th Floor
New York, NY 10036
T: 212.682.3025
F: 212.682.3010
www.weisslawllp.com
[email protected]
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SOURCE WeissLaw LLP
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