FORT LAUDERDALE, Fla.,
Aug. 1, 2016 /PRNewswire/
-- 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.
About Patriot National
Patriot National, Inc. is a national provider of comprehensive
technology and outsourcing solutions that help insurance companies
and employers mitigate risk, comply with complex regulations and
save time and money. Patriot National provides general agency
services, technology outsourcing, software solutions, specialty
underwriting and policyholder services, claims administration
services, self-funded health plans and employment pre-screening
services to its insurance carrier clients, employers and other
clients. Patriot National is headquartered in Fort Lauderdale, Florida. For more
information about Patriot National, please visit
www.patnat.com.
About Ebix, Inc.
A leading international supplier of On-Demand software and
E-commerce services to the insurance, financial, e-governance and
healthcare industries, Ebix, Inc. provides end-to-end On-Demand
solutions ranging from infrastructure exchanges, front end &
back end enterprise systems, outsourced administrative & custom
software development solutions, and risk compliance solutions for
various entities involved in these industries.
With 40+ offices across Australia, Brazil, Canada, India, New
Zealand, Singapore, the US
and the UK, Ebix powers multiple exchanges across the world in the
field of life, annuity, health and property & casualty
insurance while conducting in excess of $100
billion in insurance premiums annually on its platforms.
Through its various SaaS-based software platforms, Ebix employs
hundreds of domain specific business and technology professionals
to provide products, support and consultancy to thousands of
customers on six continents. For more information, visit the
Company's website at www.ebix.com
Forward Looking Statements
This press release may include statements that may be deemed to
be forward-looking statements. Words such as "may," "will," "can, "
"should," "likely," "anticipates," "expects," "intends," "plans,"
"projects," "believes," "estimates," "positioned," "outlook," and
similar expressions are used to identify these forward-looking
statements. By their nature, forward-looking statements involve
risks and uncertainties, and there are important factors that could
cause actual results to differ materially from those indicated in
these statements, which include the risk factors and related
matters contained in our filings with the Securities and Exchange
Commission. Although we base these forward-looking statements on
assumptions that we believe are reasonable when made, we caution
you that forward-looking statements are not guarantees of future
performance or events and that results may differ materially from
statements made in or suggested by the forward-looking statements
contained in this press release. Any forward-looking statement that
we may make in this press release speaks only as of the date of
such statement, and we undertake no obligation to update any
forward-looking statement or to publicly announce the results of
any revision to any of those statements to reflect future events or
developments.
Investor and Media Contacts:
Cindy Campbell
Director of Investor Relations
Patriot National, Inc.
(954) 670-2907
CCampbell@patnat.com
Julie MacMedan
Financial Profiles, Inc.
(310) 622-8242
PatriotNational@finprofiles.com
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SOURCE Patriot National, Inc.