Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of SeaBright, Inc. (“SeaBright” or “SBX”) (NYSE: SBX) to Enstar Group Limited for shareholders. Under the proposed transaction, SeaBright/SBX shareholders will only receive $11.11 in cash per share of SBX 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 firstname.lastname@example.org, or Willie Briscoe via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you. The definitive merger agreement involves a transaction with a total equity value of approximately $252 million. The investigation centers on whether SeaBright shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues SeaBright stock, and whether SeaBright’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to Yahoo! Finance, at least one analyst has estimated that the true inherent value of SeaBright/SBX stock could be as high as $12.00 per share. Further, according to a recent Form 8-K issued by SeaBright, depending upon certain circumstances, the company may be required to pay a termination fee of $7.5 million if the deal is not completed. “Due to the lack of a significant premium to the shareholders, a preclusive termination fee provision, and other factors, we believe that the transaction may undervalue SeaBright stock. Our lawsuit will seek to obtain the highest share price for all shareholders,” said shareholder rights attorney 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.
The ex-dividend date for SeaBright Holdings (NYSE:SBX) is tomorrow, September 28, 2011. Owners of shares as of market close today will be eligible for a dividend of 5 cents per share. At a price of $6.99 as of 9:32 a.m., the dividend yield is 3%.