The Progressive Corporation (NYSE:PGR) announced that it has successfully completed the acquisition of Protective Insurance Corporation (NASDAQ: PTVCA and PTVCB). Under the terms of the merger agreement, holders of Class A and Class B common shares of Protective will receive $23.30 per share in cash, without interest, for a total transaction value of approximately $338 million. The acquisition was previously announced in February.
Protective Insurance Company is licensed in 50 states, the District of Columbia, Puerto Rico and all Canadian provinces and provides coverage for trucking fleets of all sizes.
“We’re pleased the transaction has closed and especially want to
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