Penn Millers Holding Corporation Takeover under Investor Investigation

Sept. 14, 2011 - PRLog -- The announcement that ACE Limited will acquire all of the outstanding common stock of Penn Millers Holding for $20.50 per PMCI share caused an investigation on behalf of investors of Penn Millers Holding Corporation  concerning whether the offer to acquire Penn Millers Holding Corp. and the buyout process would be unfair to investors of Penn Millers Holding (PMIC) and whether certain of its officers and directors or others breach their fiduciary duties owed investors in NASDAQ- PMIC shares.

If you purchased shares of Penn Millers Holding Corporation  prior to the announcement and currently hold those shares, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether the Penn Millers Holding Corporation, certain of its officers and directors, and/or others breached their fiduciary duties owed to Penn Millers Holding  investors in connection with the proposed acquisition.

On Thursday, September 8, 2011, Penn Millers Holding Corporation  announced that it has entered into an agreement on September 7, 2011 to be acquired by a subsidiary of ACE Limited for$20.50 per share in cash. Penn Millers Holding said that the $20.50offer represents a premium of 39% over the $14.75 per share closing price of PMIC stocks on August 15, 2011,the date of its announcement that it was reviewing strategic alternatives and a 205% premium of Penn Millers Holding’s IPO price of $10.00 per share on October 18, 2009.

Following the takeover announcement shares of Penn Millers Holding Corporation (Public, NASDAQ-PMIC) jumped from $16.15 to $20.19 on Thursday.

However, the investigation concerns whether ACE Limited would underpay for NASDAQ-PMIC shares, thus unlawfully harming Penn Millers Holding stockholders, and whether the Penn Millers Holding Board of Directors undertook an adequate sales process and in particular breached their fiduciary duties to Penn Millers Holding  shareholders by failing to adequately shop the Company before entering into  the transaction. A potential securities class action lawsuit would seek to maximize the amount of money and information Penn Millers Holding Corp. (PMIC) shareholders would receive in a buyout, so the law firm.

Those who are current investors in Penn Millers Holding Corporation (Public, NASDAQ- PMIC) and purchased your NASDAQ PMIC shares prior to the announcement, and/or those who have any information relating the investigation, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.