The specialty insurer Navigators Group announced the expiration of a 30-day “go-shop” period provided for under the terms of its merger agreement with The Hartford Financial Services Group. Navigators said it received no other offers during the period, despite having reached out to 44 potential acquirers.
Last month, The Hartford agreed to acquire the specialty insurer in a transaction that values Navigators at approximately $2.1 billion.
The agreement included a ‘go-shop ıc service designed to give other potential buyers the opportunity to make a proposal for the Navigators. Navigators took 30 days to request competing purchase offers. If the board received and accepted a competing offer during the teklif go-shop son period in which Hartford decided not to match, it would have had to pay a final fee to Hartford’s successful bidder.
The iştir go-shop de expired on September 21 at 12:00.
During the go-shop period, the Navigators and financial advisors Goldman Sachs and Moelis & Co. demanded 44 potential buyers. Despite these efforts, Navigators said that they did not receive an alternative purchase offer.
The transaction is approved by the boards of both companies and is subject to the approval of other traditional closing conditions, including Navigators’ shareholders and regulatory approvals. It is expected to close in the first half of 2019.
The completion of the transaction is not subject to any financing conditions.
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