Insurance technology and outsourcing firm Patriot National Inc. said its board of directors has rejected a buyout offer from technology provider Ebix Inc., which sells e-commerce and on-demand software to insurance and financial firms.
The Florida-based company said its board of directors concluded that Ebix Inc.’s proposal of $475 million is “not the best alternative to maximize value for Patriot National’s shareholders.”
Atlanta-based Ebix made an original offer in June and then announced the $475 million enhanced offer on Aug. 1. Ebix said then that the two firms had entered serious negotiations.
In announcing the rejection, Patriot National said it “continues to evaluate other more attractive offers and all opportunities for value creation.”
However, it said there are no assurances that its consideration of strategic opportunities will result in a transaction or other opportunity and that the exploration of strategic opportunities may be terminated at any time.
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