The Phoenix Companies, Inc.NYSE
Sep. 29, 2015, 8:47 AM
- Nassau Reinsurance is the buyer of PNX in an all-cash deal at $37.50 per share, nearly tripling last night's close of $13.14, but versus a price of $70 at the start of the year.
- After the close, Nassau will inject $100M of new capital to stabilize the balance sheet.
- The valuation of $217.2M compares to GAAP equity including AOCI of $199.2M, and excluding AOCI of $464.4M.