WILMINGTON, Del., June 10, 2014 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Protective Life Corporation ("Protective Life" or the "Company") relating to the sale of the Company to Dai-ichi Life Insurance Company Limited ("Dai-ichi"). On June 3, 2014, the two companies announced the signing of a definitive merger agreement pursuant to which Dai-ichi will acquire Protective Life in a merger valued at roughly $5.7 billion. As a result of the merger, Protective Life shareholders are only anticipated to receive $70.00 per share in cash in exchange for each share of Protective Life they own.
Our investigation so far has revealed highly suspicious trading activity the day before the merger was announced. On June 2, 2014, the day before the merger was announced, over 5.8 million shares of Protective Life were traded. The consideration premium Protective Life shareholders are expected to receive is also marginal. While the Company touts that the merger reflects a 34% premium to Protective Life's closing price as of May 30, 2014, the $70.00 per share price only represents a 19.6% premium to Protective Life's closing price on June 2nd.
Andrews & Springer is investigating whether Protective Life directors are breaching their fiduciary duties by failing to maximize shareholder value.
If you own shares of Protective Life and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/protectivelife or contact Craig J. Springer, Esq. at firstname.lastname@example.org, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
Source:Andrews & Springer LLC