Alterra Capital Holdings Limited (ALTE) Is Investigated by Faruqi & Faruqi, LLP for Potential Breaches of Fiduciary Duties

NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Alterra Capital Holdings Limited (“Alterra” or the “Company”) (NASDAQ: ALTE) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Markel Corp. (“Markel”) (NYSE: MKL) in a cash-and-stock deal valued at approximately $3.13 billion. Under the terms of the proposed transaction, Alterra’s stockholders will receive 0.043 Markel share and $10 in cash for each share of Alterra common stock they own. Based on Markel’s closing price of $459.30 as of January 16, 2013, the deal values Alterra at about $29.75 a share, while according to Yahoo! Finance, at least one financial analyst has set a price target of $31 for Alterra.