MILWAUKEE, May 9, 2019 /PRNewswire/ -- Ademi & O'Reilly, LLP is investigating the Board of EMC Insurance Group Inc. (EMCI) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of EMCI to Employers Mutual.
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Ademi & O'Reilly, LLP alleges EMCI's financial outlook is improving and yet EMCI shareholders will receive only $36.00 per share. Employers Mutual is purchasing EMCI at a substantial discount. The merger agreement unreasonably limits competing bids for EMCI by prohibiting solicitation of further bids, and imposing a termination penalty if EMCI accepts a superior bid. EMCI insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of EMCI's board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for EMCI.
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