Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the acquisition of Harleysville Group Inc. (“Harleysville Group” or “HGIC”) (NASDAQ: HGIC) by Nationwide Mutual Insurance Company for Harleysville Group shareholders. Under the proposed buyout, Harleysville Group shareholders will receive only $60.00 in cash for each share of Harleysville Group/HGIC stock owned. If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you. The definitive acquisition agreement involves an all cash transaction valued at approximately $1.63 billion. The transaction is expected to be completed in early 2012. “We are investigating the fairness of the proposed transaction to Harleysville Group shareholders, whether the shareholders are being underpaid for their stock, and whether Harleysville Group’s Board of Directors acted in the shareholders’ best interest,” said shareholder rights attorney Willie Briscoe. “In particular, one of the key inquires in our investigation is whether the company conducted a fair and adequate process to determine the best price for the shareholders before agreeing to the acquisition terms. Our investigation will seek to obtain the highest share price for all shareholders,” said Willie Briscoe. The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
Harleysville Group (Nasdaq:HGIC) hit a new 52-week high Friday as it is currently trading at $59.80, above its previous 52-week high of $59.76 with 90,687 shares traded as of 3:30 p.m. ET. Average volume has been 60,900 shares over the past 30 days.