WILMINGTON, Del., June 13, 2017 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Fidelity & Guaranty Life (“Fidelity & Guaranty” or the “Company”) relating to the sale of the Company to CF Corporation (“CF”). On May 24, 2017, the two parties announced the signing of a definitive merger agreement pursuant to which CF will acquire Fidelity & Guaranty in a merger worth $1.835 billion. As a result of the merger, Fidelity & Guaranty shareholders are only anticipated to receive $31.10 per share in cash in exchange for each share of Fidelity & Guaranty.
Our investigation has so far revealed that the consideration Fidelity & Guaranty’s shareholders are expected to receive is inadequate. The $31.10 per share consideration is only an 8.36% premium to Fidelity & Guaranty’s May 23, 2017 closing stock price of $28.70 per share. The investigation is also examining whether Fidelity & Guaranty’s top executives were conflicted and acted in their own self-interest when approving the merger thus making the process and consideration unfair. According to the Company’s May 24, 2017 announcement, Fidelity & Guaranty’s senior management will continue their employment post-merger: “FGL will continue to be led by its current management team . . . .”
If you own shares of Fidelity & Guaranty and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/fidelity-and-guaranty-life-class-action-investigation/ 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.