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 firstname.lastname@example.org 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.
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