CA - Argo Group trades higher on proposed acquisition by Brookfield Reinsurance
- Argo Group International Holdings ( NYSE: ARGO ) shares were trading ~6% up pre-market on a proposed acquisition by Brookfield Reinsurance ( NYSE: BNRE ).
- BNRE is set to acquire Argo in an all-cash transaction valued at ~$1.1B.
- Each issued and outstanding Argo share will be converted into a right to receive $30 in cash at the close of the merger.
- The transaction will be funded with existing cash on hand and liquidity available to Brookfield Reinsurance.
- The consideration per Argo share represents a 6.7% premium to the company's Feb. 7 closing share price.
- The boards of both the companies have approved the merger agreement.
- The merger is expected to close in H1.
- In connection with the merger, Argo has agreed to suspend any dividend payment on its shares.
- Source: Press Release
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Argo Group trades higher on proposed acquisition by Brookfield Reinsurance