Markel inks $919mn deal for State National

Markel has sealed a $919mn agreement to buy State National in a
deal worth $21.00 per share.
The valuation is a 7 percent premium to the stock's closing
price yesterday of $19.67 and a 38 percent premium to the 30-day
volume-weighted average price prior to 18 May, when takeover
speculation first surfaced.
Both companies' boards have unanimously approved the
transaction, which remains subject to State National shareholder
clearance.
However, holders of about 37 percent of shares outstanding have