Alterra Shareholders Approve Markel Merger
On Tuesday, specialty insurers Markel and Alterra Capital Holdingsannounced that their respective shareholders have "overwhelmingly" voted to approve the merger of the two companies. Assuming regulators approve, and other usual closing conditions are similarly satisfied, the companies plan to consummate their merger sometime in Q2 2013.
At that time, Alterra shareholders will receive 0.04315 Markel shares, plus $10 cash, for each share of Alterra they own -- resulting in a per-share purchase price of about $31.27 based on Market's current $493 share price.
Alterra shares rose 2.7% in Tuesday trading, only to fall back to 0.32% gain at day's end. Shares currently trade for $30.94.
The article Alterra Shareholders Approve Markel Merger originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Markel. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.