Citi Downgrades National Atlantic Holdings (NAHC) to Hold
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Citi downgrades National Atlantic Holdings (Nasdaq: NAHC) from Buy to Hold. Price target $6.25.
Citi analyst says, "NAHC announced that it has entered into a merger agreement to be acquired by a subsidiary of Palisades Safety and Insurance, a New Jersey licensed insurance exchange. Under the terms of the agreement, each outstanding share of common stock of NAHC will be canceled and converted into the right to receive $6.25 in cash per share. This represents a 14% premium from Wednesday's close."
National Atlantic Holdings Corporation (NAHC) is a holding company for its wholly owned subsidiary, Proformance Insurance Company (Proformance).
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