Patriot National (PN) Rejects $475M Offer from Ebix (EBIX)
- Banks, telecoms lead Wall Street up; another Dow record
- Western Digital (WDC) Raises Q2 Outlook
- bluebird bio (BLUE) to Offer $200M of Common Stock
- Dave & Buster's Entertainment (PLAY) Tops Q3 EPS by 11c, Raises FY Revenue Guidance
- After-Hours Stock Movers 12/06: (PLAY) (ANTH) (WDC) Higher; (AVAV) (ESV) (BLUE) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Patriot National, Inc. (NYSE: PN), a leading provider of technology and outsourcing solutions, today announced that the Special Committee of its Board of Directors (the "Special Committee") has concluded that Ebix, Inc.'s (Nasdaq: EBIX) most recent proposal of $475 million is not the best alternative to maximize value for Patriot National's shareholders and, at the recommendation of the Special Committee, the Board of Directors has rejected the proposal. The Special Committee continues to evaluate other more attractive offers and all opportunities for value creation.
Neither the Special Committee nor the Board of Directors has made a decision to enter into any transaction or other opportunity at this time, and there are no assurances that the consideration of strategic opportunities will result in the Company entering into a transaction or other opportunity. The exploration of strategic opportunities may be terminated at any time and without notice.
Patriot National will provide a more complete update on its strategic value creation initiatives on the third quarter earnings conference call on Monday, November 14, 2016.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- AutoZone (AZO) Tops Q1 EPS by 5c; Comps Light of Views
- Mizuho Securities Raises Price Target on Francesca's (FRAN) Following 3Q Beat
- Synchronoss Technologies (SNCR) to Acquire Intralinks Holdings (IL) for ~$821M
Create E-mail Alert Related CategoriesCorporate News, Hot Corp. News, Hot M&A, Mergers and Acquisitions, Trading Halts
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!