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
Was this article valuable?
Here are more articles you may enjoy.
Bumble, Panera Bread, CrunchBase, Match Hit by Cyberattacks 
Illinois USPS Employee Indicted for Alleged Workers’ Comp Fraud 
Progressive Q4 Income Up 25%; CFO Sauerland to Retire in July 
Businesses Pressured to Respond to ICE While Becoming a Target 
