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Tuesday, October 13, 2009 12:38:29 PM
Homeowners Choice Inc. (HCII) said Tuesday it is offering $40.7 million for rival Florida insurance provider 21st Century Holding Company (TCHC).
The offer is $1 plus one-half share of Homeowners for each share of 21st Century common stock. That would value each share at $5.08, a 30% premium to Monday's closing price. Neither company's stock was active premarket.
In August, Homeowners Choice made a preliminary offer to 21st Century, but 21st Century Chief Executive Michael Braun responded last month that 21st Century's board didn't intend to accept the proposal, according to a letter on Tuesday to 21st Century.
"We hope that the 21st Century board will exercise its fiduciary duties and engage in a complete and careful review of our expression of interest and give it the serious consideration it deserves," said Homeowners Chairman Paresh Patel in the letter.
Homeowners Choice in August reported a 7% jump in second-quarter earnings while 21st Century swung to a profit.
Officials for 21st Century weren't immediately available to comment.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com
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