ProSight buying Nymagic for $219 million; deal gives shareholders 24 percent premium
By APThursday, July 15, 2010
ProSight buying Nymagic for $219 million
NEW YORK — Marine insurance provider Nymagic Inc. said Thursday it has agreed to be taken over by ProSight Specialty Insurance Holdings Inc. in a deal worth roughly $219 million.
ProSight, based in Atlanta, is paying $25.75 per share in cash, a premium of nearly 24 percent over Nymagic’s closing share price Wednesday of $20.85.
Nymagic Chairman Robert Simses said the deal is in the shareholders’ best interest.
Shareholders representing 40 percent of the stock are committed to vote in approval of the buyout, the company said.
The acquisition is expected to close in the fourth quarter.
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