Today’s issue of WorkCompRecap features some more M&A news as Enstar Group and SeaBright Holdings recently announced that they have entered into a definitive merger agreement under which Enstar will acquire SeaBright for $11.11 per share in cash. The purchase price represents a 34.3% premium over SeaBright’s Monday closing price of $8.27.
SeaBright is expected to survive as a wholly-owned subsidiary of Enstar, and plans to solicit the approval of its stockholders at a special meeting to be held later this year. The transaction is currently expected to close in the first quarter of 2013.
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