Compass Point Downgrades Meadowbrook Insurance (MIG) to Neutral Amid Takeover
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Fosun to Acquire Meadowbrook Insurance (MIG) for $8.65/Share
December 30, 2014 5:35 PM ESTFosun International Limited and Meadowbrook Insurance Group, Inc. (NYSE: MIG) announced that they have entered into a definitive agreement under which Fosun will acquire Meadowbrook for US$8.65 per share in cash, representing an aggregate transaction value of approximately US$433 million.
The transaction follows a thorough review of strategic alternatives by the Meadowbrook board of directors and represents a 24% premium over Meadowbrook's closing price on December 29, 2014 and a premium of 39% to Meadowbrook's three-month average closing price for the period ending December 29, 2014. The transaction also represents a multiple of approximately 1.04x Meadowbrook's tangible book... More
