Market Overview

Enstar to Acquire SeaBright Holdings for $11.00/Share


Enstar Group Limited (NASDAQ: ESGR) and SeaBright Holdings, Inc. (NYSE: 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

Posted-In: M&A News


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