RTTNews | Feb 16, 2021 07:26AM EST

07:26 Tuesday, February 16, 2021 (RTTNews.com) - Progressive Corp. (PGR) and Protective Insurance Corp. (PTVCA, PTVCB) announced Tuesday that they have entered into a definitive agreement under which Progressive has agreed to acquire all of the outstanding Class A and Class B common shares of Protective for $23.30 per share in cash, for a total transaction value of approximately $338 million.

The acquisition is expected to close prior to the end of the third quarter of 2021, subject to customary closing conditions, including receipt of certain required regulatory approvals and approval of Protective's Class A shareholders.

Protective's Board of Directors has unanimously approved the transaction, based on the unanimous recommendation of the Special Committee of the Board.

Certain Protective shareholders owning approximately 35% of Protective's outstanding Class A common stock have entered into a voting agreement with Protective and Progressive in support of the sale to Progressive.

Progressive will fund the purchase through liquid investments on hand. The per share price represents a 63.2% premium to Protective's unaffected Class A and Class B share prices as measured on February 12, 2021.

Progressive plans to maintain Protective's offices in Carmel, Indiana and retain Protective's employees.

Read the original article on RTTNews ( https://www.rttnews.com/3169933/progressive-to-acquire-protective-insurance-in-all-cash-deal-valued-at-338-mln-quick-facts.aspx)

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