Liberty Mutual Group has arranged to acquire Ohio Casualty Corp. in a deal valued at $2.7 billion, the two insurance companies announced last week, with rating firms and analysts reacting positively to the news.
Privately-owned Liberty Mutual said it agreed to purchase all Ohio Casualty outstanding common stock for $44 per share in cash–a 32 percent premium over the closing price of $33.32 on May 4, the last benchmark before the deal was made public. Ohio Casualty stock trades on the NASDAQ Exchange.
Edmund F. Kelly, Boston-based Liberty Mutual's chairman, president and chief executive officer, said the deal will make his company the nation's largest regional provider of property-casualty products distributed through U.S. independent agents.
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