Trean Insurance Group, Inc.
TREAN (TIG) SHAREHOLDER ALERT - Andrews & Springer LLC Is Seeking More Cash for Shareholders of Trean Insurance Group, Inc.
(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 Trean Insurance Group, Inc. (NASDAQGS: TIG) (“Trean” or the “Company”) relating to the sale of the Company to affiliates of private equity firm Altaris LLC (“Altaris”) which currently owns and controls approximately 47% of Trean’s outstanding stock. On December 16, 2022, the two parties announced the signing of a definitive merger agreement pursuant to which Altaris will acquire Trean in a merger worth $316 million. As a result of the merger, Trean shareholders are only anticipated to receive $6.15 per share in cash in exchange for each share of Trean.
Andrews & Springer's investigation so far has revealed that the consideration Trean shareholders are expected to receive is inadequate. While the Company claims that shareholders will receive a premium for their shares, the merger price is 23% less than the Company’s book value of $8.01 per share as acknowledged by analysts at William Blair on November 7. The merger consideration is also less than the $8.85 to $7.00 range Trean’s stock price traded earlier this year. The $6.15 per share consideration is also less than the $8.00 per share price target set by Price Target Research LLC on November 20. Our Firm's investigation is also looking into the process leading up to the announcement of the merger, which appears to have significant conflicts of interest.
If you own shares of Trean and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/trean-merger-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.