Deutsche Bank Downgrades Alterra Capital Holdings (ALTE) to Hold; Doesn't See Bidding War
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Markel (MKL) to Acquire Alterra for $31/Share
December 19, 2012 8:00 AM ESTMarkel Corporation (NYSE: MKL) and Alterra Capital Holdings Limited (Alterra) (NASDAQ: ALTE; BSX: ALTE.BH) announced today that their respective boards of directors have each unanimously approved a definitive merger agreement. Under the terms of the agreement, the aggregate consideration for Alterra is approximately $3.13 billion based on a closing price of $486.05 for Markel common stock on December 18, 2012.
At closing, each Alterra common share will be converted into the right to receive 0.04315 Markel common shares (with cash paid for fractional shares) plus a cash payment of $10. Following the merger, Markels existing shareholders will own... More
