Eastern Insurance Holdings, Inc. Securities Litigation
On or around 03/20/2014 (Notice of voluntarily dismissal)
Filing Date: October 31, 2013
According to the Complaint, on September 23, 2013, Eastern Insurance Holdings, Inc. (“Eastern” or the Company”) and ProAssurance Corporation (“ProAssurace”) entered into the Merger Agreement, whereunder each Eastern shareholder will receive $24.50 for every share of Eastern common stock owned (the “Merger Consideration”) (the “Proposed Transaction”). Pursuant to the terms of the Merger Agreement, ProAssurance’s wholly owned subsidiary, PA Merger Company, will be merged with and into Eastern. The total enterprise value of the transaction is approximately $208 million.
The Complaint alleges that the Proposed Transaction does not provide adequate value for the Company and its future prospects. The offer price of $24.50 per share represents only a 15.7% premium over the Company closing price of $21.16 on September 23, 2013, one day before the announcement of the Proposed Transaction.
On March 20, 2014, the Plaintiff voluntarily dismissed this action due to a settlement being reached in a related case.
Company & Securities Information
Defendant: Eastern Insurance Holdings, Inc.
Industry: Insurance (Accident & Health)
Headquarters: United States
Ticker Symbol: EIHI
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Rudy Rosenberg, et al. v. Michael Leonard Boguski, et al.