On or around 08/07/2017 (Stipulation and order of dismissal (voluntary dismissal))
Filing Date: June 02, 2017
According to the Complaint, on May 2, 2017, OneBeacon issued a press release announcing it had entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Intact. Under the terms of the Merger Agreement, Intact will acquire all of the outstanding shares of OneBeacon for $18.10 per share in cash (the “Merger Consideration”). The Proposed Transaction is valued at approximately $1.7 billion.
On May 24, 2017, OneBeacon filed a Preliminary Proxy Statement on Schedule 14A (the “Proxy”), with the SEC. The Complaint alleges the Proxy, which recommends that OneBeacon stockholders vote in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) OneBeacon insiders’ potential conflicts of interest; (ii) the sale process leading up to the Proposed Transaction; and (iii) the valuation analyses prepared by OneBeacon’s financial advisor, Credit Suisse Securities (USA) LLC (“Credit Suisse”) in connection with the rendering of its fairness opinion.
On August 4, 2017, Plaintiff filed a stipulation to voluntarily dismiss this action. The Court granted an Order of Dismissal without prejudice on August 7.
Company & Securities Information
Defendant: OneBeacon Insurance Group, Ltd.
Industry: Insurance (Prop. & Casualty)
Headquarters: United States
Ticker Symbol: OB
Company Market: New York SE
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
Stephen Bushansky , et al. v. OneBeacon Insurance Group, Ltd., et al.