BALA CYNWYD, Pa., July 13, 2012 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Presidential Life Corporation ("Presidential Life" or the "Company") (Nasdaq: PLFE) relating to the proposed acquisition by Athene Holding Ltd. ("Athene").
Under the terms of the transaction, Presidential Life shareholders will receive only $14.00 in cash for each share of Presidential Life stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Presidential Life for not acting in the Company's shareholders' best interests in connection with the sale process to Athene. The offer price is substantially below the reported Book Value of the Company. As a result, the transaction may have undervalued Presidential Life resulting in harm to the Presidential Life shareholders.
If you own shares of Presidential Life stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at investorrelations@brodsky-smith.com visiting http://brodsky-smith.com/449-plfe-presidential-life-corporation.html, or by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC
