Robbins LLP: Acquisition of Symetra Financial Corporation (SYA) by Sumitomo Life Insurance Company May Not Be in Shareholders’ Best Interests
Robbins LLP is investigating the proposed acquisition of Symetra Financial Corporation (NYSE: SYA) by Sumitomo Life Insurance Company (Private). On August 11, 2015, the two companies announced the signing of a definitive merger agreement pursuant to which Sumitomo will acquire Symetra. Under the terms of the agreement, Symetra shareholders will receive $32.50 in cash for each share of Symetra common stock.
Is the Proposed Acquisition Best for Symetra and Its Shareholders?
Robbins LLP’s investigation focuses on whether the board of directors at Symetra is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.
As an initial matter, the $32.50 merger consideration represents a premium of only 10.1% based on Symetra’s closing price on August 10, 2015. This premium is significantly below the average one-day premium of nearly 36% for comparable transactions within the past five years.
Symetra shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information.
Symetra shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.