Arca Capital, which holds 2.4% of AmTrust Financial Services (NASDAQ:AFSI) ,urges fellow shareholders to ignore a recently revised ISS report and continue to vote "no" on the going private offer from the Zyskind/Karfunkel family.
On June 11, ISS revised its recommendation, saying that shareholders should now vote "for" the amended $14.75-per-share cash offer. The Zyskind-Karfunkel family increased the offer from $13.50 per share on June 7.
If the going private transaction is approved by shareholders on June 21, Arca says it plans to seek appraisal of its AmTrust shares through the Delaware Court of Chancery to determine the fair value of the company.
Arca Capital says the long-term price target for the company is $25-$31 per share and has said it considers $22 per share as "fair value."
"We will seek all available legal remedies, including appraisal," says Arca Chairman Pavol Krupa. "Make no mistake, Arca Capital will settle for no less than fair value and will continue to hold the Zyskind/Karfunkel family accountable until the end of time or until this matter is resolved."
Source: Press Release