June 22, 2018 – AmTrust Financial Services Inc. announced Thursday that shareholders have approved its plan to be taken private by two New York families and a private-equity firm.
The bid was initially challenged by activist investor Carl Icahn, who recently owned as much as a 9.4% stake in the company.
Icahn said the first deal was “happening at the wrong price at the wrong time” and was an attempt by the families and firm to manipulate the shareholders into voting for a deal that only benefits them.
Earlier this month, Mr. Icahn agreed to support the deal when the buyers upped the offer from $2.7 billion, or $13.50 a share, to $2.95 billion, or $14.75 a share.
Evergreen Parent, LP, an entity formed by Chairman and Chief Executive of AmTrust Barry Zyskind, George and Leah Karfunkel and Stone Point Capital LLC are set to acquire 45% of the insurance company.
The shareholders of roughly 156.7 million shares, or 79.8% of the shares outstanding, voted in the election, with 92.6% voting in favor of the deal.
The deal is expected to close during the second half of this year.
