Fidelity & Guaranty Life
FIDELITY & GUARANTY LIFE (FGL) SHAREHOLDER ALERT - Andrews & Springer LLC Is Seeking More Cash for Shareholders of Fidelity & Guaranty Life
(Wilmington, DE) 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 (NYSE: FGL) (“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 . . . .”