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Infinity Property and Casualty Corporation stock price
Infinity Property and Casualty Corporation latest news:
Kemper to buy Infinity Property and Casualty in $1.4 billion cash and stock deal
Kemper Corp. said late Tuesday it has agreed to buy Infinity Property and Casualty Corp. in a cash-and-stock deal worth about $1.4 billion. Shares of Infinity rose 7% after the news, while shares of Kemper were flat. "The transaction creates a company with increased scale in nonstandard auto insurance and enhanced ability to serve policyholders," the companies said in a statement. The combined company would have a portfolio of about $2.2 billion in nonstandard, or insurance sold to higher-risk drivers and other situations, auto insurance premiums. Under the terms of the merger agreement, Infinity shareholders will receive $51.60 in cash and 1.2019 Kemper common shares for each share of Infinity common stock. The deal is expected to close in the third quarter, subject to shareholder approval and other conditions. Kemper shares ended the regular trading day down 0.4% and Infinity shares ended it down 1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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