WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of State National Companies, Inc. (NASDAQ: SNC) (“SNC” or the “Company”) in connection with the proposed acquisition of the Company by Markel Corporation (NYSE: MKL) (“MKL”). On July 26, 2017, the Company announced a definitive agreement for MKL to acquire all outstanding shares of SNC in a transaction valued at approximately $919 million. Under the terms of the agreement, the Company’s shareholders will receive $21.00 in cash for each SNC share they own.
WeissLaw is investigating whether SNC’s Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $22.00 per share. Additionally, SNC recently announced double-digit year-over-year growth in premiums earned, EBITDA, total revenues, and net income. It reported premiums earned increased 15% to $36.5 million, EBITDA increased 17% to $19.4 million, total revenues increased 18% to $59 million, and net income increased 19% to $11.5 million.
Given these facts, WeissLaw is investigating whether SNC’s Board acted in the best interests of its public shareholders to maximize shareholder value prior to entering into the agreement. If you own SNC shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/state-national-companies-inc/