State National gained 10% Markel bid increase at auction

The Evercore-run auction for State National yielded indicative
offers starting at $17 per share, with eventual victor Markel
prevailing partly because of its ability to pay in cash.
On 26 July the target agreed to an offer from Markelworth $21 per share, or $919mn. This represented a 10 percent
increase from the initial bid Markel gave at the beginning of the
auction.State National laid out the bid trajectory in a proxy statement
issued yesterday ahead of it setting...