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Alterra Shareholders Approve Markel Merger

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On Tuesday, specialty insurers Markel (NYSE: MKL  ) and Alterra Capital Holdings (UNKNOWN: ALTE.DL2  ) announced that their respective shareholders have "overwhelmingly" voted to approve the merger of the two companies. Assuming regulators approve, and other usual closing conditions are similarly satisfied, the companies plan to consummate their merger sometime in Q2 2013.

At that time, Alterra shareholders will receive 0.04315 Markel shares, plus $10 cash, for each share of Alterra they own -- resulting in a per-share purchase price of about $31.27 based on Market's current $493 share price.

Alterra shares rose 2.7% in Tuesday trading, only to fall back to 0.32% gain at day's end. Shares currently trade for $30.94.


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Rich Smith
TMFDitty

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

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Related Tickers

4/30/2013 4:00 PM
ALTE.DL2 $32.55 Down +0.00 +0.00%
Alterra Capital Ho… CAPS Rating: *****
MKL $816.30 Down -7.45 -0.90%
Markel CAPS Rating: *****