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.
Deere Retreats From Diversity Measures After Online Attacks 
Surplus Lines Commercial Growth; Fla. Litigation Costs Reach New High in 2023 
Viewpoint: Deepfake Fraud Is On the Rise. Here’s How Insurers Can Respond 
Allstate, State Farm Sued Over $4 Billion Maui Fire Settlement 
