Debevoise Reps Markel In $3B Buy Of Rival Insurer Alterra

Law360, New York (December 19, 2012, 12:41 PM EST) -- Specialty insurer Markel Corp. will absorb rival Alterra Capital Holdings Ltd. in a $3.13 billion deal — the latest in a red-hot insurance sector — that will diversify its business to include reinsurance and add large account portfolios, the buyer said Wednesday.

Under the proposed terms, Alterra investors will receive a $10 cash payment plus 0.04315 Markel shares for each of their units, shaking out to roughly $31 per share, or a 34 percent premium over Alterra's Tuesday closing price. After the merger, Alterra shareholders will...
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