Under the terms of the all-cash deal, OneBeacon shareholders will receive US$18.10 cash per common share, a 14 percent premium based on OneBeacon’s closing stock price on the NYSE of US$15.89 as of May 1, 2017 and a 15 percent premium to the volume weighted average price over the last 30 days. This represents an aggregate cash consideration of approximately US$1.7 billion ($2.3 billion). In addition, OneBeacon debt of approximately US$275 million will remain outstanding. The transaction has been approved by the boards of directors of both companies and is subject to approval by OneBeacon’s shareholders. The deal combines Intact’s commercial lines track record and data, claims and digital expertise with OneBeacon’s specialty lines capabilities. Intact said the acquisition bolsters its Canadian business with new products and cross-border capabilities, and better positions it to compete with international insurers. Intact expects to also benefit from top and bottom line growth opportunities resulting from broader geographic and line of business diversification. OneBeacon reported US$1.2 billion in gross written premium and net income of US$107 million in 2016, along with a 2016 combined ratio of 97.3. It writes specialty coverages for technology, healthcare, government, entertainment, financial services, ocean marine and other risks.
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