Seattle - The shareholders of Safeco Corp. voted overwhelmingly to approve the merger agreement entered into on April 23, 2008 with Liberty Mutual Group. Of those Safeco shareholders who voted, 99.5% voted to approve the transaction. Under the terms of the merger agreement, Liberty Mutual will acquire all outstanding shares of common stock of Safeco for $68.25 per share, in cash. The transaction is not subject to financing contingencies.
The proposed transaction remains subject to the customary approval of various state departments of insurance. Following these approvals, the transaction is expected to close by the end of the third quarter of 2008.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access