Kirby McInerney to investigate Tokio acquisition

Law firm Kirby McInerney has unveiled plans to investigate potential claims against the board of directors of US specialty insurer HCC Insurance concerning its proposed acquisition by Tokio Marine Holdings for $7.5 billion.

The investigation concerns whether the HCC board violated its fiduciary duties by agreeing to the proposed transaction and whether the proposed consideration adequately values the company's common stock.

Tokio Marine Holdings said it will pay a 35.8 percent premium on the average share price over the past month. HCC shareholders will receive $78 in cash for each share of HCC common stock they own.