Delphi Financial Group Inc. investors lost a bid to block a $2.7 billion buyout by rival insurer Tokio Marine Holdings Inc. as a judge rejected arguments that the deal was flawed because it unfairly enriches the company’s top executive.
Delphi Financial Group Inc.’s $2.7 billion buyout by rival insurer Tokio Marine Holdings Inc. should be blocked because it doesn’t provide enough for investors while unfairly enriching the company’s top executive, a lawyer argued to a judge.
Delphi Financial Group Inc., which sells worker’s compensation and group life insurance, said it agreed to settle a shareholder lawsuit over its $2.7 billion buyout by Tokio Marine Holdings Inc. for $49 million.
Jamie Dimon, the highest-paid chief executive officer among the heads of the six biggest U.S. banks, turned a question at an investors’ conference in New York this month into an occasion to defend wealth.
Tokio Marine Holdings Inc. agreed to pay a 71 percent premium in its $2.7 billion cash bid for the U.S.’s Delphi Financial Group Inc. as Japanese insurers face waning demand from an aging population at home.