Hub International Ltd. insurance brokerage announced last week that it has agreed to be purchased by private equity capitalists for $1.8 billion. The deal involves an agreement to be acquired by Apax Partners and Morgan Stanley Principal Investments.
Under the terms of the agreement, shareholders would receive $40 a share, the Chicago-based firm said.
Hub may still solicit proposals and negotiate with other parties until March 19. If Hub terminates the agreement before April 10 to enter into an alternative deal, however, the firm would pay a break-up fee of $21 million.
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