Tiptree Financial To Acquire Fortegra Financial For About $218 Mln

(RTTNews) - Tiptree Financial Inc. has agreed to buy Fortegra Financial Corp. (FRF) for nearly $218 million in cash. Under the agreement, Fortegra's shareholders will receive $10.00 in cash for each share of Fortegra common stock they own. The price represents a premium of 42.5 percent to the closing price of Fortegra on August 11, 2014. Commenting on the transaction, Richard Kahlbaugh, CEO of Fortegra said: "...We will continue to operate as we have in the past, as part of a public company, only now with a partner that views their investment as permanent capital." The transaction is expected to close in late 2014 or early 2015 and there is no financing contingency. Upon completion, Fortegra common shares will no longer be registered with the SEC nor trade on the NYSE. RBC Capital Markets, LLC acted as lead financial advisor, while Wells Fargo Securities, LLC acted as financial advisor and lead financing arranger to Tiptree.