A lawsuit was filed for investors in shares of The Navigators Group, Inc. (NASDAQ: NAVG) in connection with the proposed takeover.
San Diego, CA -- (SBWIRE) -- 10/25/2018 -- An investor, who currently holds shares of The Navigators Group, Inc. (NASDAQ: NAVG), filed a lawsuit against the takeover of The Navigators Group, Inc. by The Hartford Financial Services Group.
Investors who purchased shares of The Navigators Group, Inc. (NASDAQ: NAVG) and currently hold any of those NASDAQ: NAVG shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: NAVG stockholders by agreeing to sell The Navigators Group, Inc. cheaply via an unfair process.
On Aug. 22, 2018, The Navigators Group, Inc. (NASDAQ:NAVG) announced that it has entered into an agreement to be acquired by The Hartford Financial Services Group, Inc. (NYSE: HIG) in an all-cash transaction that values The Navigators Group, Inc at approximately $2.1 billion. Under the terms of the agreement, The Navigators Group, Inc stockholders will receive $70.00 per share in cash upon the closing of the transaction.
However, plaintiff claims that the proposed consideration NASDAQ: NAVG shareholders will receive is grossly inadequate and undervalues the Navigators Group. The Navigators Group, Inc. (NASDAQ: NAVG) reported that its annual Total Revenue rose from over $1.18 billion in 2016 to over $1.31 billion in 2017.
In addition, the plaintiff alleges that the process is also unfair NASDAQ: NAVG stockholders. Indeed, The Navigators Group's founder, and shares controlled by other members of his family, which represent approximately 20% of total shares outstanding, have already agreed to vote in support of Navigators' transaction with The Hartford.
Shares of The Navigators Group, Inc. (NASDAQ: NAVG) closed on October 24, 2018, at $69.14 per share.
Those who are current investors in The Navigators Group, Inc. (NASDAQ: NAVG) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
For more information on this press release visit:
Media Relations Contact
Email: Click to Email Michael Daniels