KUALA LUMPUR, Aug 24 (Bernama) -- Stockholders of The Navigators Group Inc will receive US$70 (RM287) per share in cash upon the closing of the acquisition by The Hartford Financial Services Group Inc. (1US$ = RM4.10).
Navigators, a global specialty insurance holding company entered into a definitive agreement to be acquired by The Hartford in an all-cash transaction that values Navigators at approximately US$2.1 billion (RM8.61 billion).
The US$70 per share offer price represents a multiple of 1.78 times Navigators’ fully diluted tangible book value per share as of June 30, 2018 and an 18.6 per cent premium to the 90-trading-day average stock price.
Navigators said in a statement that the transaction, which was unanimously approved by Navigators’ Board of Directors, is subject to regulatory and stockholder approvals and other customary closing conditions, and is expected to close in the first half of 2019.
Navigators expects to continue paying regular quarterly dividends consistent with past practice prior to closing. Completion of the transaction is not subject to any financing conditions.
Goldman Sachs & Co. LLC and Moelis & Company LLC acted as joint financial advisors and Sidley Austin LLP acted as legal advisor to Navigators in the transaction. More details about the acquisition on http://www.navg.com
-- BERNAMA
-- BERNAMA
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