Management Buyout of CNinsure Investigated by Tripp Levy PLLC
May 20 2011 - 11:26AM
Business Wire
Tripp Levy PLLC, a leading national securities law firm,
announces an investigation into the proposed acquisition of
CNinsure Inc. (Nasdaq:CISG) by TPG Asia V MU, Inc. ("TPG Asia"),
Kingsford Resources Limited, a company controlled by Mr. Yinan Hu,
chairman of the Board of Directors and chief executive officer of
the Company, and entities affiliated with him (collectively, the
"Founder"), and CDH Inservice Limited ("CDH", together with TPG
Asia and the Founder, the "Consortium Members"), to acquire all of
the outstanding ordinary shares of the CNinsure, other than certain
American Depositary Shares ("ADSs") or ordinary shares held by the
Founder and CDH, in a going private transaction for $19.00 per ADS,
or $0.95 per ordinary share. The Founder and CDH currently
beneficially own, in the aggregate, approximately 34.3% of the
Company's outstanding ordinary shares.
The investigation concerns, among other things, whether the
consideration to be paid to CNinsure shareholders is unfair,
inadequate, and substantially below the fair or inherent value of
CNinsure. Indeed, analysts have projected that the Company’s true
going forward inherent value is worth over $30 per share. The
investigation further concerns whether Mr. Hu and the board of
directors of CNinsure may have breached their fiduciary duties by
not acting in CNinsure shareholders' best interests in connection
with the sale process of CNinsure.
If you own CNinsure common stock and you wish to discuss this
matter with us, or have any questions concerning your rights and
interests with regard to this matter, please contact:
Tripp LevyTripp Levy PLLC125 East 82nd Street9th FloorNew York,
New YorkToll Free: 877-772-3975Email: contact@tripplevy.com
Tripp Levy PLLC is a national law firm that specializes in
mergers & acquisitions, takeover litigation, shareholder
rights, and corporate governance matters in state and federal
courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
Fanhua (NASDAQ:FANH)
Historical Stock Chart
From Jul 2024 to Aug 2024
Fanhua (NASDAQ:FANH)
Historical Stock Chart
From Aug 2023 to Aug 2024