Shareholders have backed the sale of Fortegra to South Korea's DB Insurance, which would mark the first-ever acquisition of a U.S. insurer by a Korean non-life insurer.
AUB Group said its board viewed the A$45 per share offer as fair but confirmed talks ended after PE firms declined to make a binding offer at the proposed valuation.
The merger is expected to significantly alter the group’s business profile, with potential implications for capital adequacy and financial performance over the coming years.
