SeaBright Holdings (SBX) Acquired at 34% Premium

August 28, 2012 11:45 AM EDT
SeaBright Holdings, Inc. (NYSE: SBX) announced late Monday that it agreed to be acquired by Enstar Group Limited (Nasdaq: ESGR) for $11.11 per share in cash, or a 34.3 percent premium to Monday's closing price.

Completion of the transaction is conditioned on, among other things, the approval of SeaBright’s stockholders, regulatory approvals and satisfaction of various customary closing conditions. SeaBright intends to solicit the approval of its stockholders at a special meeting of stockholders to be held later this year. The transaction, which is not conditioned on Enstar’s ability to obtain financing, is currently expected to close in the first quarter of 2013.

Sandler O’Neill + Partners, L.P. is acting as financial advisor to SeaBright and has delivered a fairness opinion in connection with the transaction. Kirkland & Ellis LLP is acting as legal advisor and Mayer Brown LLP is acting as special regulatory counsel to SeaBright. Drinker Biddle & Reath LLP is acting as legal advisor to Enstar.

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