PGR - Why Shares of Protective Insurance Corporation Are Surging This Morning
Shares of Protective Insurance Corporation (NASDAQ: PTVCA) (NASDAQ: PTVCB) surged this morning after Progressive Corporation (NYSE: PGR) , one of the largest car insurers in the U.S., announced its plans to acquire the company.
Protective Insurance Corporation Class A shares had jumped close to 41% as of midmorning, while Protective Insurance Corporation Class B shares had climbed as much as 53% at one point this morning.
Progressive agreed to acquire all outstanding shares of Protective Insurance Corporation, an insurer for fleet trucking, independent contractors, and fleet workers' compensation, for $338 million in cash, the equivalent of $23.30 per share.
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Why Shares of Protective Insurance Corporation Are Surging This Morning