Liberty Mutual Group and Safeco Corporation announced that they have entered into a definitive agreement where Liberty Mutual will acquire all outstanding shares of Safeco for $68.25 per common share in cash.
The proposed transaction, which is valued at approximately $6.2 billion, has been approved by the Boards of Directors of both companies. It is subject to approval by Safeco’s shareholders as well as customary regulatory approvals and conditions. The transaction is expected to close by the end of the third quarter of 2008. The transaction is not subject to financing contingencies.
Upon completion of the transaction, Liberty Mutual will
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