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Bernstein Liebhard LLP Announces Investigation of Acquisition of NYMAGIC, Inc. by ProSight Specialty Insurance Holdings, Inc.

^{Published on 2010-07-15 08:15:41 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Bernstein Liebhard LLP is investigating whether the Board of Directors of NYMAGIC, Inc. (aNYMAGICa or the aCompanya) (NYSE: NYM) breached its fiduciary duty to its shareholders in agreeing to sell NYMAGIC to ProSight Specialty Insurance Holdings, Inc.

Under the terms of the agreement, NYMAGIC shareholders will receive $25.75 in cash for each share they own, placing a total value of the transaction at approximately $230 million. NYMAGIC shareholders, owning approximately 40% of the Companya™s fully diluted common shares, have executed voting agreements pursuant to which they have agreed to vote in favor of the transaction, which is expected to close in the fourth quarter of 2010. The investigation is focused on the potential unfairness of the price to NYMAGIC shareholders and the process by which the NYMAGIC Board of Directors considered and approved the transaction.

If you are interested in discussing your rights as a NYMAGIC shareholder and/or have information relating to the matter, please contact U. Seth Ottensoser at (877) 779-1414 or [ Ottensoser@bernlieb.com ].

Bernstein Liebhard has pursued hundreds of securities, [ consumer ] and shareholder rights cases and recovered almost $3 billion for its clients. It has been named to The National Law Journala™s aPlaintiffsa™ Hot Lista in each of the last seven years.

Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
[ www.bernlieb.com ]

ATTORNEY ADVERTISING. © 2010 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.