A lawsuit was filed for investors in shares of HCC Insurance Holdings, Inc. (NYSE:HCC) in effort to halt the proposed takeover and NYSE:HCC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/01/2015 -- An investor in NYSE:HCC shares filed a lawsuit in effort to halt the proposed takeover of HCC Insurance Holdings, Inc. by Tokio Marine Holdings, Inc for $78.00 per share.
Investors who purchased shares of HCC Insurance Holdings, Inc. (NYSE:HCC) and currently hold any of those NYSE:HCC shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:HCC stockholders by agreeing to sell HCC Insurance Holdings, Inc. too cheaply via an unfair process to Tokio Marine Holdings, Inc.
On June 10, Tokio Marine Holdings, Inc. and HCC Insurance Holdings, Inc. (NYSE:HCC) announced that they have entered into a definitive agreement under which Tokio Marine Holdings, Inc will acquire all outstanding shares of HCC Insurance Holdings, Inc. (NYSE:HCC), for $78.00 in cash per share, through Tokio Marine Holdings, Inc's wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd.
However, the plaintiff claims that the proposed consideration NYSE:HCC shareholders will receive is grossly inadequate and undervalues HCC Insurance Holdings, Inc. HCC Insurance Holdings, Inc. reported that its annual Total Revenue rose from over $2.37 billion in 2011 to over $2.65 billion in 2014 and that its respective Net Income increased from $255.24 million in 2011 to $450.34 million in 2014. Shares of HCC Insurance Holdings, Inc. (NYSE:HCC) grew from $25.60 per share in November 2011 to as high as $58.34 per share in May 2015. In addition, the plaintiff claims that the process is also unfair to NYSE:HCC stockholders.
On June 30, 2015, NYSE:HCC shares closed at $76.84 per share.
Those who are current investors in HCC Insurance Holdings, Inc. (NYSE:HCC) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com