Patriot National Receives Enhanced Offer from Ebix, Inc.; Commences Strategic Discussions
Patriot National, Inc. (NYSE: PN), a leading provider of technology and outsourcing solutions, today announced that the Special Committee of its Board of Directors (the “Special Committee”) has agreed to consider an enhanced offer for a potential acquisition by Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries.
As previously reported by Ebix on June 15, 2016, the Special Committee received an unsolicited offer from Ebix to acquire 100% of the outstanding stock of Patriot National for $9.50 per share. The Special Committee has now received a revised and enhanced offer from Ebix to acquire Patriot National for a total enterprise value of $475 million, which the Special Committee expects will yield a price per share that materially exceeds Ebix’s initial offer, after payment of Patriot’s related transaction expenses, all outstanding debt obligations, and certain accounts payable.
Ebix has also signed a confidentiality agreement with Patriot National and has begun comprehensive due diligence with the Company. Patriot National does not expect to make any further announcements regarding this offer until the Special Committee has concluded its ongoing consideration of all value-enhancing strategic opportunities.