Centris Suitor Extends Stock Offer
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The Houston company wooing shareholders of insurer Centris Group Inc. in Costa Mesa said Wednesday that it is extending its $12.50-a-share tender offer for Centris stock until Dec. 13.
HCC Insurance Holdings Inc. said it has picked up about 3.2 million shares, or 28%, of Centris’ stock so far. In an agreement announced Oct. 12, HCC offered to buy the shares and assume $25 million in debt in a deal valued at about $171 million.
Only nine months earlier, Centris rejected HCC’s offer of $13.25 a share, calling it “grossly inadequate.” Last month’s offer, however, valued Centris at 21% above its closing price the previous day.
Centris shares closed Wednesday at $12.13 a share, up 6 cents in New York Stock Exchange trading. HCC, an insurance holding company, closed at $10.44 a share, down 19 cents.
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