HCC Insurance Holdings, Inc. (NYSE:HCC) Investor Filed Lawsuit Against Acquisition By Tokio Marine Holdings, Inc

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Company Name(s): 
HCC Insurance Holdings
Case Name: 
HCC Insurance Holdings Deal Case 06/19/2015
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: HCC
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Date Filed: 
06/19/2015
Summary: 

June 22, 2015 (Shareholders Foundation) - An investor who currently holds shares of HCC Insurance Holdings, Inc. (NYSE:HCC), filed a lawsuit in effort to halt the proposed takeover of HCC Insurance Holdings, Inc. by Tokio Marine Holdings, Inc for $78.00 per share.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:HCC stockholders by agreeing to sell HCC Insurance Holdings, Inc. too cheaply via an unfair process to Tokio Marine Holdings, Inc.

On June 10, Tokio Marine Holdings, Inc. and HCC Insurance Holdings, Inc. (NYSE:HCC) announced that they have entered into a definitive agreement under which Tokio Marine Holdings, Inc will acquire all outstanding shares of HCC Insurance Holdings, Inc. (NYSE:HCC), for $78.00 in cash per share, through Tokio Marine Holdings, Inc's wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd.

However, the plaintiff claims that the proposed consideration NYSE:HCC shareholders will receive is grossly inadequate and undervalues HCC Insurance Holdings, Inc. HCC Insurance Holdings, Inc. reported that its annual Total Revenue rose from over $2.37 billion in 2011 to over $2.65 billion in 2014 and that its respective Net Income increased from $255.24 million in 2011 to $450.34 million in 2014. Shares of HCC Insurance Holdings, Inc. (NYSE:HCC) grew from $25.60 per share in November 2011 to as high as $58.34 per share in May 2015. In addition, the plaintiff claims that the process is also unfair to NYSE:HCC stockholders.