Pac Rim Amends Merger Agreement
Pac Rim Holding Corp., a Woodland Hills workers’ compensation insurer, said it has amended its merger agreement with Superior National Insurance Group Inc.
The agreements now states that Pac Rim will be acquired for about $42 million, resulting in payment of $2.11 per share to common shareholders.
The price was renegotiated and reduced by $12 million to allow for an adjustment in reserves at Pac Rim subsidiary, the company said.
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