Safeco Shareholders Approve Liberty Mutual Merger

The shareholders of Safeco Corporation (NYSE:SAF) today 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 percent 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.

Source: Safeco

Topics Mergers & Acquisitions