December 15, 2017

WorkCompRecap: Offer Up!

Today’s issue of WorkCompRecap features the announcement from Ebix, an international supplier of on-demand software and e-commerce services to the insurance and other industries that it has made an offer to acquire 100% of the outstanding stock of Patriot National.

Ebix noted that its offer represents a 37% premium to Patriot National’s closing share price of $6.92 as of June 14, and that it intends to pay for at least 55% of the purchase in cash and the balance (45%) in cash or stock, as mutually agreed upon, and expects the transaction to be immediately accretive to earnings per share for Ebix shareholders. The offer would be subject to due diligence and customary regulatory and other closing conditions.

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