M&A · Financials · Life Insurance
VR Insurance Holdings, Inc. to acquire National Security Group Inc
Announced Jan 27, 2022 · Closed Jun 30, 2022
Deal value$41M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$16.35 per share
Transaction
- Acquirer
- VR Insurance Holdings, Inc.
- Target
- National Security Group Inc
- Buyer type
- Strategic
- Offer price per share
- $16.35
- Enterprise value
- —
- Status
- Closed Jun 30, 2022
Deal protections
- Break fee (target pays)
- $1.2M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Piper Sandler
- Piper Sandler fee
- $2.1M
Sector context · Financials
- Comparable deals
- 68 in the prior 24 months
- Premium
- Sector median 33.9%
- EV / Adj. EBITDA
- Sector median 23.7x
- Break fee
- 3.0% vs. 3.6% sector median
Timeline
- AnnouncedJan 27, 2022
- Proxy filedMay 23, 2022
- Definitive proxyMay 23, 2022
- Shareholder voteJun 20, 2022
- ClosedJun 30, 2022
Valuation · fairness opinions
Trading comparables$10.18$18.25
Trading comparables$12.53$20.42
Offer $16.35
Implied value per National Security Group Inc share by analysis, from Piper Sandler.