Delphi Financial Announces Settlement with Class Action Plaintiffs Regarding Acquisition by Tokio Marine
Courtesy of Benzinga.
Delphi Financial Group, Inc. (Delphi) (NYSE: DFG) announced today that Delphi, Tokio Marine Holdings, Inc. (Tokio Marine) and the other named defendants have agreed to settle In re Delphi Financial Group Shareholder Litigation, Consolidated C.A. No. 7144-VCG, the consolidated action brought in connection with the merger of Delphi and a subsidiary of Tokio Marine. If the settlement is finalized and approved, Delphi’s Class A stockholders and option holders as of the effective time of the merger, other than the defendants to the consolidated action and their affiliates, will receive their pro rata portion of a payment equal to $49 million less plaintiffs’ counsel fees and expenses, which have not yet been determined.
The payment will be made after and subject to approval of the settlement agreement by the Court of Chancery of the State of Delaware. A hearing to consider the settlement is expected to occur subsequent to the closing of the merger. The amount of plaintiffs’ counsel fees and expenses will be determined at or after the time the Court of Chancery approves the settlement agreement.