Harleysville Investor Slams $760M Sale To Nationwide

Law360, New York (October 4, 2011, 8:49 PM EDT) -- A Harleysville Group Inc. shareholder launched a class action Tuesday in Delaware court seeking to block the insurer's proposed $760 million sale to Nationwide Mutual Insurance Co., claiming the deal is an opportunistic move by Nationwide that undervalues Harleysville and stiffs investors.

The suit, lodged by the Louisiana Municipal Employees Retirement System, claims that the $60 share price offered by Nationwide is "unfair and grossly inadequate" because it ignores Harleysville's growth potential and says the companies rigged the deal with provisions in order to ensure its...
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