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Merger deal expected to close today

RenaissanceRe Holdings Ltd's acquisition of fellow Bermuda reinsurer Platinum Underwriters Holdings Ltd is expected to close today.

The $1.9 billion cash-and-stock merger deal was announced in November.

Platinum shareholders were invited to choose between receiving either RenRe shares, cash, or a combination of RenRe shares and cash, in exchange for their Platinum shares.

Shareholders had until Thursday to elect their preference. On Friday, RenRe announced the preliminary merger consideration election results.

Shareholders who collectively owned the largest percentage of outstanding Platinum shares opted for the shares-only option. Accounting for approximately 53.9 per cent of the company's outstanding shares, they chose to receive 0.6504 RenRe common shares, subject to proration, in exchange for their shares.

Other shareholders opted for either the cash-only or shares and cash options.


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Published March 02, 2015 at 8:00 am (Updated March 01, 2015 at 9:00 pm)

Merger deal expected to close today

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