Markel Corp. Postpones Closing Of Alterra Deal
Markel Corporation said it is postponing the closing of its acquisition of Bermuda reinsurance firm Alterra Capital Holdings until May 1. The deal had been set to close this week.
It was announced in December that Alterra Capital Holdings Limited would be acquired by Virginia-based insurance holding company Markel Corporation in a deal worth approximately $3.13 billion.
Under the terms of the agreement, the aggregate consideration for Alterra was approximately $3.13 billion, based on a closing price of $486.05 for Markel common stock on December 18, 2012.
At closing, each Alterra common share will be converted into the right to receive 0.04315 Markel common shares [with cash paid for fractional shares] plus a cash payment of $10.
Following the merger, Markel’s existing shareholders will own approximately 69 percent of the combined company on a fully diluted basis, with Alterra’s shareholders owning approximately 31 percent.
