October 5, 2015 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of The Phoenix Companies, Inc. (NYSE:PNX), was announced concerning whether the takeover of The Phoenix Companies, Inc. by Nassau Reinsurance Group Holdings L.P. is unfair to NYSE:PNX stockholders.

The investigation by a law firm concerns whether certain officers and directors of The Phoenix Companies, Inc. breached their fiduciary duties owed to NYSE:PNX investors in connection with the proposed acquisition.

On September 29, 2015, Nassau Reinsurance Group Holdings L.P. and The Phoenix Companies, Inc.(NYSE:PNX) announced that they have entered into a definitive agreement in which Nassau will acquire Phoenix for $37.50 per share in cash, or aggregate equity purchase price of $217.2 million.

However, given that NYSE:PNX shares traded as high as $69.94 per share in late December 2014, the investigation concerns whether the offer is unfair to NYSE:PNX stockholders. More specifically, the investigation concerns whether the Phoenix Companies Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.