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Max/Harbor confirm merger and new name
03 March 2010
Bermudian firms Max Capital Group and Harbor Point have announced they have agreed to a merger.
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[max capital]
[harbor point]
[john berger]
[marty becker]
Bermudian firms Max Capital Group and Harbor Point have announced they have agreed to a merger.
The boards of directors of both Max and Harbor Point have unanimously approved a definitive amalgamation agreement for what they describe as a merger of equals. The combined company will be renamed and rebranded as Alterra Capital Holdings and after the consummation of the merger will trade on the Nasdaq Global Select market under the symbol ALTE.
Under the terms of the agreement, holders of Harbor Point common stock will each receive a fixed exchange ratio of 3.7769 Max common shares for each Harbor Point share. In addition, both Max and Harbor Point intend for the board of directors of the combined company to declare a special cash dividend of $2.50 a share following closing to all shareholders of the combined company, amounting to approximately $300m in...
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