Liberty Mutual Agrees to Buy State Auto in $2.29 Billion Deal
The transaction will add about 3,400 independent agencies in 33 U.S. states to Liberty Mutual's business.
The purchase price of $52 a share is three times higher than State Auto’s closing price on Friday, July 9. Shares of Columbus, Ohio-based State Auto were down 2.7% this year through Friday and surged to a record $50 at 9:30 a.m. ET on Monday (July 12) morning.
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