Bernstein Liebhard LLP Announces Investigation of Acquisition of NYMAGIC, Inc. by ProSight Specialty Insurance Holdings, Inc.
July 15 2010 - 11:05AM
Business Wire
Bernstein Liebhard LLP is investigating whether the Board of
Directors of NYMAGIC, Inc. (“NYMAGIC” or the “Company”) (NYSE: NYM)
breached its fiduciary duty to its shareholders in agreeing to sell
NYMAGIC to ProSight Specialty Insurance Holdings, Inc.
Under the terms of the agreement, NYMAGIC shareholders will
receive $25.75 in cash for each share they own, placing a total
value of the transaction at approximately $230 million. NYMAGIC
shareholders, owning approximately 40% of the Company’s fully
diluted common shares, have executed voting agreements pursuant to
which they have agreed to vote in favor of the transaction, which
is expected to close in the fourth quarter of 2010. The
investigation is focused on the potential unfairness of the price
to NYMAGIC shareholders and the process by which the NYMAGIC Board
of Directors considered and approved the transaction.
If you are interested in discussing your rights as a NYMAGIC
shareholder and/or have information relating to the matter, please
contact U. Seth Ottensoser at (877) 779-1414 or
Ottensoser@bernlieb.com.
Bernstein Liebhard has pursued hundreds of securities, consumer
and shareholder rights cases and recovered almost $3 billion for
its clients. It has been named to The National Law Journal’s
“Plaintiffs’ Hot List” in each of the last seven years.
Bernstein Liebhard LLP10 East 40th StreetNew York, New York
10016(877) 779-1414www.bernlieb.com
ATTORNEY ADVERTISING. © 2010 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414.
Prior results do not guarantee or predict a similar outcome with
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