NEW YORK, Sept. 24, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Eastern Insurance Holdings, Inc. ("Eastern" or the "Company") (NASDAQ: EIHI) (ISIN: US2765341043) (CUSIP: 276534104) concerning the proposed acquisition of Eastern by ProAssurance Corporation in a transaction valued at approximately $205 million, and is expected to close by January 1, 2014.
The investigation concerns whether the Eastern directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, Eastern shareholders will receive $24.50 per share in cash for each share of Eastern common stock. However, the Price to Revenue and Book Value multiples are below the average of comparable transactions, and synergies may not be fully reflected in offered price.
Eastern shareholders seeking more information about this acquisition are advised to contact Robert Willoughby at [email protected] or 212-661-1100 or 888-476-6529, ext. 237.
The firm is also investigating actions on behalf of shareholders for the following companies: Official Payments Holdings, Inc.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
212-661-1100 ext. 237
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP