Japanese insurer Tokio Marine Holdings Inc. (TMHD) said today it will acquire Philadelphia Consolidated for $4.7 billion, and analysts saw the transaction as a good deal for the Bala Cynwyd, Pa.-based property-casualty insurer.
Analysts said the price should make Philadelphia Consolidated stockholders happy and the acquisition will provide opportunity for TMHD to expand its presence in Europe and the United States.
The companies said TMHD will acquire all outstanding shares of Philadelphia Consolidated, for $61.50 per share in cash, through TMHD's wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF).
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