According to the Complaint, NFP and its benefits, insurance and wealth management businesses provide diversified advisory and brokerage services to companies and high-net-worth individuals, partnering with them to preserve their assets and prosper over the long term.
In a press release dated April 15, 2013, NFP announced that it had entered into the Merger Agreement with Madison Dearborn pursuant to which Madison Dearborn, through Merger Parent and Merger Sub, will acquire all of the outstanding shares of the Company in an all-cash transaction worth a total of approximately $1.3 billion. Upon closing of the proposed Acquisition, NFP shareholders will receive $25.35 in cash for each share of NFP common stock they own. On May 17, 2013, NFP filed the Proxy Statement in connection with the upcoming Special Meeting, at which the Company's shareholders will be asked to vote on the Acquisition.
The Complaint alleges that notwithstanding their obligations under the Exchange Act and rules promulgated thereunder, as well as their state fiduciary duties, Defendants misrepresented material information or failed to disclose material information to NFP's shareholders.
On June 11, 2013, the plaintiff and their counsel voluntarily dismissed this action without prejudice against all of the defendants, Pursuant to F.R.C.P. 41(a)(1)(A)(i) of the Federal Rules of Civil Procedure.