M&A · Financials · Fire, Marine & Casualty Insurance
The Progressive Corporation to acquire Protective Insurance Corp
Announced Feb 16, 2021 · Closed Jun 1, 2021
Deal value$332M
Premium43.4%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$23.30 per share
Transaction
- Acquirer
- The Progressive Corporation
- Target
- Protective Insurance Corp
- Buyer type
- Strategic
- Offer price per share
- $23.30
- Enterprise value
- —
- Status
- Closed Jun 1, 2021
Deal protections
- Break fee (target pays)
- $13.3M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 9 in the prior 24 months
- Premium
- 43.4% vs. 48.0% sector median
- EV / Adj. EBITDA
- —
- Break fee
- 4.0% vs. 3.3% sector median
Timeline
- AnnouncedFeb 16, 2021
- Proxy filedMar 15, 2021
- Definitive proxyMar 26, 2021
- Shareholder voteMay 4, 2021
- ClosedJun 1, 2021
Valuation · fairness opinions
Trading comparables$11.75$28.39
Offer $23.30
Implied value per Protective Insurance Corp share by analysis, from Piper Sandler.