WILMINGTON, Del., June 19, 2014 (GLOBE NEWSWIRE) -- Andrews & Springer LLC , a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a class action lawsuit has been filed on behalf of stockholders of Protective Life Corporation ("Protective Life" or the "Company") (NYSE: PL ) seeking to challenge the Company's recently announced merger.
If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com , or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc , Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, on June 3, 2014, Protective Life and Dai-ichi Life Insurance Company Limited (OTC:DCNSF) ("Dai-ichi") announced the signing of a definitive merger agreement pursuant to which Dai-ichi would acquire Protective Life in a merger valued at roughly $5.7 billion. As a result of the merger, Protective Life shareholders are only anticipated to receive $70.00 per share in cash in exchange for each share of Protective Life.
The complaint, which was filed on June 19, 2014, in the Delaware Court of Chancery, alleges that the consideration that Protective Life shareholders are expected to receive is inadequate. The complaint notes that while the Company has touted that the $70 per share consideration represents a 34% premium for stockholders, in reality the premium is only 19.6% when compared to the Company's closing price on June 2, 2014, the day before the merger was announced. In addition to these allegations, there was highly suspicious trading activity the day before the merger was announced. On June 2, 2014, over 5.8 million shares of Protective Life were traded right before news of the merger was made public.
If you own shares of Protective Life and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investig...ectivelife or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com , or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc , Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com . This notice may constitute Attorney Advertising.
Craig J. Springer, Esq. Call Toll Free: 1-800-423-6013
