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 stockinfo@weisslawllp.com.
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 stockinfo@weisslawllp.com or fill out the form on our
website,
http://www.weisslawllp.com/onebeacon-insurance-group-ltd/
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SOURCE WeissLaw LLP
