Strategy International Insurance Group Inc. said it plans to acquire RS Group of Companies Inc., provider of RentShield, an insurance program covering the residential real estate market, in a deal worth more than $120 million.
The Toronto-based Strategy International said it signed a letter of intent to acquire the outstanding shares of RS Group, also of Toronto. The parties said they have a 60-day exclusivity period to complete the transaction.
Strategy said it anticipates offering $1.75 per share of common stock for RS Group. The price is subject to adjustment based on the completion of a valuation of the company and receipt of a fairness opinion, which could affect the final price.
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