Enstar to Acquire SeaBright Holdings for $11.00/Share

Enstar Group Limited ESGR and SeaBright Holdings, Inc. SBX today jointly announced that they have entered into a definitive merger agreement under which Enstar will acquire SeaBright for $11.11 per share in cash. The purchase price represents a 34.3% premium over SeaBright's closing stock price today of $8.27. Under the terms of the merger agreement, a newly formed wholly-owned subsidiary of Enstar will merge with and into SeaBright, with SeaBright surviving as a wholly-owned subsidiary of Enstar. Enstar expects to finance the aggregate purchase price of approximately $252 million through a combination of cash on hand and a bank loan facility to be finalized before closing. Completion of the transaction See full press release