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Liberty Mutual to acquire State Auto Group for $52 per share

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  • Liberty Mutual Holding Company, State Automobile Mutual Insurance Company, and State Auto Financial Corporation (NASDAQ:STFC) have signed a definitive agreement under which Liberty Mutual would acquire State Auto Group in a deal valued

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Comments (9)

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Weather Man profile picture
Pretty amazing premium
HaroldRamis profile picture
@Weather Man imagine being short this thing. not sure why you would be, but who knows
Slade_01 profile picture
State Auto increased rate dramatically this year. My agent had just changed the house and car to them a year ago due to Farmers excessive rates. Looks like I will be shopping around again next summer.
HaroldRamis profile picture
congrats to the many analysts here that nailed this one

piper just downgraded the target a few days ago from 20 to 18

they pay those guys ??
sjm- cfa profile picture
Mutual co.s are kind of strange public beasts, in part because the corporate structure to facilitate the conversion. With the mutual owning a greater than 50% position and the large premium to existing price the deal will likely go through. Would appear the BIG price premium to prior price reflects a very competitive process IMO. I'm not aware of direct and similarly structured, microcap peers, maybe others can chime in? Within insurance, I currently own AFL, BRK.b, FRFHF, ORI & PRU.
ggravelle profile picture
@sjm- cfa Thank you for the insightful comments. I own Berkshire, Markel, Alleghany, Fairfax, Chubb, Allstate, Everest, Travellers and Statey.
ggravelle profile picture
Who's your daddy!? It's your birthday! Go Shorty!
sjm- cfa profile picture
Looks like they are paying 2.4 X BV (Q1). This must have been a competitive bid because the premium is huge.
ArminBrack profile picture
@sjm- cfa but no real listed peers, right? At least not in the same league as far as market cap is concerned?

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