STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Platinum Underwriters Holdings Ltd. (“Platinum” or the “Company”) (NYSE: PTP) relating to the proposed buyout of the Company by RenaissanceRe Holdings Ltd. (“RenaissanceRe”).
On November 24, 2014, Platinum announced the signing of a definitive merger agreement with RenaissanceRe pursuant to which RenaissanceRe will acquire Platinum in a transaction valued at approximately $1.9 billion. Under the terms of the transaction, The Company’s stockholders will receive either: a) $66.00 in cash; (b) 0.6504 of a RenaissanceRe common share; or (c) a combination of $35.96 in cash and 0.2960 RenaissanceRe common shares for each share of Platinum Underwriters common stock they own. The transaction is expected to close in the first half of 2015, though Platinum shareholders will most likely be asked to vote on the transaction well before that time.
The firm’s investigation seeks to determine, among other things, whether the Company’s Board of Directors failed to satisfy their duties to shareholders, including whether the Board adequately pursued alternatives to the acquisition and whether the Board obtained the best price possible for the Company’s shares of common stock.
If you currently own common stock of Platinum and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.