Workers compensation provider Majestic Capital Ltd. has agreed to be acquired by Bermuda-based Bayside Capital Partners LLC for $0.45 per share in cash, or an aggregate purchase price of approximately $7.8 million.
The $0.45 per share in cash purchase price represents a premium of 105 percent to Majestic Capital’s closing price on Sept. 21 of $0.22.
Bayside Capital Partners is a holding company, the principal members of which are Lancer Financial Group, Inc., David and Timothy Delaney, and individuals who are, in some cases, shareholders of Lancer Financial.
Completion of the transaction is expected to occur in the first quarter of 2011.
Source: Majestic Capital
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