- Allstate (NYSE:ALL) has agreed to acquire National General Holdings (NASDAQ:NGHC) for nearly $4B in cash as the U.S. insurance giant looks to "increase market share in personal property-liability."
- Shareholders of National General will receive a total of $34.50 a share - comprised of $32 in cash and closing dividends of $2.50 - representing a 69% premium to the stock's closing price on Tuesday.
- The deal, which including a breakup fee of $132.5M, will be "accretive to adjusted net income earnings per share and return on equity beginning in the first year," said Allstate CEO Tom Wilson.