Sullivan & Cromwell is advising Japanese insurer Tokio Marine Holdings Inc. on its proposed $7.5 billion acquisition of Houston-based HCC Insurance Holdings Inc.
Tokio Marine is offering $78 per share for HCC, which is a 37.6 percent premium to the target company’s $55.69 closing price on June 9. The transaction, subject to shareholder and regulatory approval, is expected to close in the fourth quarter.
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