- 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 at $2.29 billion.
- Per terms, State Auto mutual members will become mutual members of Liberty Mutual, and Liberty Mutual will acquire all of the publicly held shares of common stock of State Auto Financial for $52 per share in cash.
- The offer price per share represents a premium of ~201% over STFC's closing share price on July 09, 2021.
- The transaction was approved by the State Auto Financial board of directors, as well as the State Auto Mutual board of directors.
- In connection with the merger of State Auto Financial, State Auto Mutual has entered into a voting agreement with Liberty Mutual under which it has agreed to vote its 58.8% interest in State Auto Financial in favor of the merger.
- The deal is expected to close in 2022, subject to necessary approvals.
- Shares +185% premarket.
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