Alterra Capital Holdings Limited (ALTE) Is Investigated by Faruqi & Faruqi, LLP for Potential Breach
Alterra Capital Holdings Limited (ALTE) Is Investigated by Faruqi & Faruqi, LLP for Potential Breaches of Fiduciary Duties
NEW YORK--(BUSINESS WIRE)-- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Alterra Capital Holdings Limited ("Alterra" or the "Company") (NAS: ALTE) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Markel Corp. ("Markel") (NYS: MKL) in a cash-and-stock deal valued at approximately $3.13 billion. Under the terms of the proposed transaction, Alterra's stockholders will receive 0.043 Markel share and $10 in cash for each share of Alterra common stock they own. Based on Markel's closing price of $459.30 as of January 16, 2013, the deal values Alterra at about $29.75 a share, while according to Yahoo! Finance, at least one financial analyst has set a price target of $31 for Alterra.
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The investigation focuses on whether Alterra's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Alterra's shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you own common stock in Alterra and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/ALTE or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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Faruqi & Faruqi, LLP
Juan E. Monteverde, Esq.
(877) 247-4292 or (212) 983-9330
KEYWORDS: United States North America New York
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