Navigators acquisition offer by The Hartford prevails
The 30-day “go-shop” period in which the Navigators Group was seeking alternative acquisition offers has expired on Sept. 21 without a submission of a more attractive alternative to the one from The Hartford Financial Services Group.
The “go-shop” period was included in the terms of the previously announced definitive merger agreement, pursuant to which Navigators will be acquired by the Hartford. Under the terms of the deal, Navigators and its representatives were permitted to initiate, solicit and engage in discussions or negotiations with respect to alternative acquisition proposals from third parties.
During the go-shop period, Navigators and its financial advisors, Goldman Sachs and Moelis & Company, solicited 44 potential acquirers. Despite these efforts, Navigators did not receive any alternative acquisition proposals during the go-shop period.
The Hartford is looking to expand the Navigators’ business after the acquisition in order to increase its profitability above the firms’ historic levels. The Hartford is expecting Navigators to achieve a premium growth in the range of 5 to 6 percent.
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