Business & Finance
Business and Finance
Business and Finance
Wed, April 20, 2011 Briscoe Law Firm Investigates Freemont Michigan InsuraCorp, Inc. for Shareholders Concerning Acquisition by Auto Club Insurance
DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of [ Powers Taylor, LLP ] are investigating potential legal claims against the Board of Directors of Freemont Michigan InsuraCorp, Inc. (aFreemont Michigana) (OTC: FMMH) related to the proposed buyout by Auto Club Insurance Association (aACIAa).
The definitive merger agreement, which was announced on April 18, 2011, involves an all-cash transaction valued at approximately $67.7 million. Under the proposed buyout, Freemont Michigan shareholders will receive only $36.15 in cash for each share of FMMH common stock held. The transaction is expected to close in the third quarter of 2011.
The firms are investigating the fairness of the proposed transaction to Freemont Michigan shareholders and whether Freemont Michigana™s Board of Directors acted in the shareholdersa™ best interests. Although the acquisition price reflects a premium of approximately 35% over Freemont Michigana™s closing price the day before the merger announcement, due to recent positive earnings reports from the company, and other factors, the firms are investigating whether the price offered to Freemont Michigan shareholders is adequate. The firms are also investigating whether Freemont Michigana™s Board of Directors adequately considered all viable alternatives and properly shopped the company before entering into the acquisition agreement.
If you currently own shares of Freemont Michigan/FMMH and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
