RenaissanceRe To Acquire Platinum Underwriters In $1.9 Bln Deal - Quick Facts

(RTTNews) - RenaissanceRe Holdings Ltd. (RNR) and Platinum Underwriters Holdings, Ltd. (PTP) announced they have entered into a definitive merger agreement under which RenaissanceRe will acquire Platinum. Platinum shareholders will receive $76.00 per common share in stock and cash, or approximately $1.9 billion. The consideration will consist of 7.5 million RenaissanceRe common shares, valued at approximately $761 million, and $1.16 billion of cash. Following completion of the transaction, Platinum's existing shareholders will own approximately 16% of RenaissanceRe's outstanding shares.

RenaissanceRe expects the transaction to be accretive to book value per share and earnings per share.

At closing, Platinum shareholders will receive a $10.00 per share special pre-closing dividend and will be entitled to elect to receive, for each Platinum share held, either (i) $66.00 in cash, (ii) 0.6504 RenaissanceRe common shares or (iii) 0.2960 RenaissanceRe common shares and $35.96 in cash.