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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Allstate Corporation | NYSE:ALL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.00 | -0.59% | 168.18 | 169.06 | 165.235 | 167.96 | 1,668,088 | 01:00:00 |
By Ben Otto
U.S. insurance giant Allstate Corp. will acquire National General Holdings Corp. for about $4 billion in cash, expanding its reach in the personal property liability business.
Shareholders of National General, a New York-based specialty personal lines insurance company, will receive a total of $34.50 per share, an offer that comprises $32.00 per share from Allstate and expected closing dividends of $2.50 per share. The total offer represents a 69% premium to the stock's last-traded price.
Allstate will fund the deal with $2.2 billion in cash resources and by issuing $1.5 billion in new senior debt.
National General's board has approved the transaction and the deal is expected to close in early 2021 subject to regulatory approvals, the companies said.
The acquisition "accelerates Allstate's strategy to increase market share in personal property-liability and significantly expands our independent agent distribution," said Tom Wilson, Allstate's chief executive officer and chairman. He added that the deal would be "accretive to adjusted net income earnings per share and return on equity beginning in the first year."
National General's gross premiums written were $5.6 billion in 2019, which generated $319 million in operating income, the companies said. The company's stock is down 7.7% this year.
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
July 07, 2020 23:13 ET (03:13 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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