The Law Office of Jack Stuart Beige & Associates, P.C. Announces Investigation of Protective Life Corporation Buyout Proposal
SMITHTOWN, NY, June 5, 2014:
The Law Office of Jack Stuart Beige & Associates, P.C. announces that it is investigating the Board of Directors of Protective Life Corporation (“Protective”) (NYSE: PL) for possible breaches of fiduciary duties and other violations of law in connection with Protective’s agreement to be acquired by Dai-ichi Life Insurance Company, Limited (“Dai-ichi”), in a transaction valued at approximately $5.7 billion.
Under the terms of the agreement, public shareholders of Protective would receive $70.00 per unit in cash for each share of Protective they own.
The investigation concerns whether Protective’s Board of Directors breached its fiduciary duties to stockholders, whether the proposed consideration to be paid to Protective’s stockholders would be fair and adequate, and whether Protective is acting in its stockholders’ best interests.