James River Group Inc. said it is moving ahead with an agreement to be acquired by D.E. Shaw, a Bermuda-based private-equity firm, after receiving no other acquisition proposals.
The Chapel Hill, N.C.-based insurer said today that plans for the acquisition of the company are expected to be completed during the fourth quarter of this year. The company said it has not entered into a definitive agreement to be acquired.
Announced in June, the deal called for a period of open solicitation for other offers. The period closed Aug. 5 without any other bids. If there was a competing bid, D.E. Shaw would have received a termination fee of $7.2 million.
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