The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Presidential Life Corporation (NASDAQ: PLFE) (“Presidential Life”) and other violations of state law by the board of directors of Presidential Life relating to the proposed buyout of the company by Athene Holding Ltd. (“Athene”), the reinsurer backed by Apollo Global Management LLC. The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.
On July 13, 2012, Presidential Life and Athene announced that they had entered into a definitive agreement providing for Athene to acquire Presidential Life for approximately $415 million. Under the terms of the buyout transaction, Presidential Life shareholders will receive $14.00 for each share of Presidential Life common stock held.
If you currently own shares of Presidential Life and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at
, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.