AmTrust Financial Services, Inc. has received all necessary regulatory approvals to go ahead with the completion of its previously announced merger deal with Evergreen Parent, L.P., which will see the company go private.
Evergreen is an entity formed by private equity funds managed by Stone Point Capital LLC, together with Barry Zyskind, Chairman and Chief Executive Officer (CEO) of AmTrust, George Karfunkel and Leah Karfunkel.
The transaction, which will see Evergreen acquire the 45% of AmTrust’s shares not already owned by Stone Point and the Karfunkel-Zyskind Family, is now expected to close on 29 November, 2018.
The current acquisition offer of $14.75 per share was approved by AmTrust stockholders in a vote held at a company Special Meeting in June.
It values the fully diluted equity of AmTrust at approximately $2.95 billion, excluding outstanding preferred stock
Stone Point and the Karfunkel-Zyskind Family originally proposed to acquire AmTrust’s remaining shares in January 2018 for a price of $12.25 per share, but raised their offer first to $13.50 per share in March and later to $14.75 per share in June.
The parties explained that, once the transaction has been completed, AmTrust common stock will cease trading under the symbol ‘AFSI’ and will be delisted from the NASDAQ Stock Market.
