Triple-S Management stockholders OK merger with GuideWell
Triple-S stockholders approved the merger with GuideWell Mutual Holding Corporation, a health solutions company and parent of Blue Cross and Blue Shield of Florida, Triple-S Management Corp. announced.
The approval comes nearly four months after the companies announced the deal through which GuideWell will acquire all the outstanding shares of Triple-S Management common stock for $36 per share in cash, representing a premium of approximately 49% to Triple-S Management’s 90-day volume-weighted average trading price. The transaction equity value is approximately $900 million, as News is my Business reported.
The merger agreement was approved and adopted by approximately 72% of the issued and outstanding shares of Triple-S common stock as of the Nov. 2, 2021 record date for the special meeting of stockholders held Dec. 10, 2021.
A Form 8-K disclosing the full voting results will be filed with the Securities and Exchange Commission, the local insurer said.
The transaction is expected to close by the end of the second quarter of 2022, subject to satisfaction of normal closing conditions and the approval of the Office of the Commissioner of Insurance of Puerto Rico.
Upon completion of the transaction, Triple-S will become a wholly owned subsidiary of GuideWell and will continue to operate under the Triple-S brand.
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