OneBeacon Insurance Group Ltd. is facing several class-action lawsuits in connection with its pending acquisition by Intact Financial Corp.
The complaints filed by purported OneBeacon shareholders allege that OneBeacon's preliminary proxy statement filed with the U.S. Securities and Exchange Commission omitted or misrepresented certain material information, White Mountains Insurance Group Ltd. said in a regulatory filing. In addition, the complaints seek to enjoin the companies from closing the transaction.
On June 2, a purported OneBeacon shareholder filed a class-action lawsuit against OneBeacon and each of OneBeacon's directors in the U.S. District Court for the District of Minnesota. Subsequently, three other lawsuits were filed in the court.
In May, OneBeacon entered into a definitive agreement to be acquired by Intact Financial. The transaction is expected to close in the second half of 2017.
OneBeacon's shareholders approved the transaction July 18 at a special meeting of shareholders. The plaintiffs have not dismissed their cases; OneBeacon's responsive pleadings are due Aug. 14, White Mountains said in the filing.