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The specialty insurer Navigators Group announced the expiration of a 30-day “go-shop” period provided for under the terms of its merger agreement with The Hartford Financial Services Group. Navigators said it received no other offers during the period, despite having reached out to 44 potential acquirers.

Last month, The Hartford agreed to acquire the specialty insurer in a transaction that values Navigators at approximately $2.1 billion.

The agreement included a “go-shop” provision designed to give other potential acquirers an opportunity to make an offer for Navigators. Navigators had 30 days to solicit competing acquisition proposals. If the board of directors had received and accepted a competing proposal during the “go-shop” period that The Hartford decided not not match, the successful competing bidder would have had to pay a termination fee to The Hartford.

The “go-shop” period expired at 12:01 a.m. on September 21.

During the go-shop period, Navigators and its financial advisors, Goldman Sachs and Moelis & Co., solicited 44 potential acquirers. Despite these efforts, Navigators said it did not receive any alternative acquisition proposals.

The transaction has been approved by the boards of directors of both companies and is subject to approval by Navigators’ shareholders and other customary closing conditions, including regulatory approvals. It is expected to close in the first half of 2019.

Completion of the transaction is not subject to any financing conditions.

Related:

• The Hartford to Acquire Specialty Insurer Navigators in $2.1 Billion Deal

Topics Mergers & Acquisitions