GlobeNewswire Inc | Feb 16, 2021 03:46PM EST

February 16, 2021

NEW YORK, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Protective Insurance Corporation (NASDAQ: PTVCA and PTVCB) breached their fiduciary duties or violated the federal securities laws in connection with the companys acquisition by The Progressive Corporation (NYSE: PGR).

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On February 16, 2021, Protective announced that it had signed an agreement to be acquired by Progressive for approximately $338 million. Pursuant to the merger agreement, Protective stockholders will receive $23.30 in cash for each share of Protective common stock owned. The deal is scheduled to close in the third quarter of 2021.

Bragar Eagel & Squire is concerned that Protectives board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Protectives stockholders.

If you own shares of Protective and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email atinvestigations@bespc.comor telephone at (646) 860-9157, or byfilling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:Bragar Eagel & Squire, P.C.Melissa Fortunato, Esq.Alexandra Raymond, Esq.investigations@bespc.comwww.bespc.com