Allstate to buy rival National General for $4B

Jul. 08, 2020 3:09 AM ETThe Allstate Corporation (ALL), NGHCALL, NGHCBy: Yoel Minkoff, SA News Editor11 Comments
  • Allstate (NYSE:ALL) has agreed to acquire National General Holdings (NASDAQ:NGHC) for nearly $4B in cash as the U.S. insurance giant looks to "increase market share in personal property-liability."
  • Shareholders of National General will receive a total of $34.50 a share - comprised of $32 in cash and closing dividends of $2.50 - representing a 69% premium to the stock's closing price on Tuesday.
  • The deal, which including a breakup fee of $132.5M, will be "accretive to adjusted net income earnings per share and return on equity beginning in the first year," said Allstate CEO Tom Wilson.

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