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Kendall Law Group Investigates Nymagic Inc. Acquisition for Shareholders

^{Published on 2010-07-16 08:10:47 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ Kendall Law Group ], led by a former federal judge Joe Kendall and a former U.S. Attorney, is investigating Nymagic, Inc. (NYSE: NYM) for shareholders in connection with the proposed acquisition by ProSight Specialty Insurance Holdings Inc. The national securities firm seeks to determine whether Nymagic and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a Nymagic shareholder and would like additional information about your rights, you are encouraged to contact the Kendall Law Group at 877-744-3728 or by email at [ skendall@kendalllawgroup.com ].

Nymagic and ProSight announced on July 15, 2010 that they had entered into a definitive agreement for Nymagic to be acquired for $25.75 per share in a deal valued at approximately $230 million. The offer price is a 23.5% premium to the stocka™s closing price Wednesday; however the stock traded as high as $23.98 in late April of this year. Nymagic also reported that ashareholders owning approximately 40 percenta of common shares have already agreed to vote for the deal, but this is not particularly noteworthy, as 39.4% of Nymagic common shares are held by insiders.

Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.