Fosun in $433mn deal to acquire distressed Meadowbrook

Acquisitive Chinese conglomerate Fosun has announced the $433mn
deal to purchase distressed Meadowbrook in a move that will see it
establish a "significant presence" in the US P&C
market.
The acquisition, announced yesterday evening (30 December),
values the specialty lines underwriter and insurance services firm
at a multiple of approximately 1.04x tangible book value.
The cash deal will see Fosun acquire shares in Meadowbrook for
$8.65 each. Shares in the Michigan-based firm clos