This Insurance Company Agreed to Be Taken Private. Investors Don't Like the Deal

Insurance institution Enstar Group (ESGR) is going private. Investors don't for illustration nan deal.

Enstar connected Monday said it agreed to beryllium taken backstage done a $5.1 cardinal acquisition led by finance patient Sixth Street. Also participating: Liberty Strategic Capital, erstwhile Treasury Secretary Steven Mnuchin's firm.

The waste price, $338 per share, represents a much than 8% premium to Enstar’s volume-weighted mean value complete nan past 90 days, according to nan announcement. But it's besides discount to Enstar's Friday adjacent of $348.31. That helped propulsion Enstar's shares little Monday, pinch nan banal precocious down much than 6% to beneath $323.

"We judge this is nan champion adjacent measurement for our shareholders," Enstar CEO Dominic Silvester said successful a statement.

Enstar besides announced its 2nd 4th results Monday morning. The institution reported nett income of $126 million, aliases diluted earnings per share of $8.49, up from $21 million, $1.34 per share, successful nan year-ago quarter.

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