Enstar Group Limited (Nasdaq:ESGR) and SeaBright Holdings, Inc. (NYSE:SBX) jointly announced August 27th that they have entered into a definitive merger agreement under which Enstar will acquire SeaBright for $11.11 per share in cash. The purchase price represents a 34.3% premium over SeaBright's closing stock price today of $8.27.
Seabright Holdings is the parent of Longshore and WC Insurer Seabright Insurance Company and MGA “Pointsure”.
According the their joint press release the acquisition is currently expected to close in the first quarter of 2013.
Read the full press release on Seabright’s website at http://investor.sbxhi.com/releasedetail.cfm?ReleaseID=702618