28 February 2013Re/insurance

Alterra and Markel shareholders approve acquisition

Shareholders of Alterra Capital Holdings and Markel Corporation have overwhelmingly approved Markel’s move to acquire the Bermuda-based re/insurer.

The two companies announced that shareholders had voted in favour of all proposals relating to the acquisition. Completion of the transaction remains dependent upon regulatory approval and closing conditions, but is believed likely to be finalised during the second quarter of 2013.

Regarding shareholder positions at the two companies, the statement said that “under the terms of the merger agreement, each Alterra common share (other than any shares as to which appraisal rights are exercised or restricted shares that do not vest in connection with the transaction) is converted into the right to receive 0.04315 Markel common shares (with cash paid for fractional shares), plus a cash payment of $10.”