Independence Holding to go private

Independence Holding Co. has agreed to be acquired by Geneve Holdings Inc. in a going-private transaction.

Holders of Independence Holding's outstanding common shares, excluding shares held by Geneve, will receive $57.00 per share in cash. The per-share price represents a 35.7% premium over the trading price of $42.01 per share on the trading date immediately preceding the date Geneve proposed to acquire Independence Holdings. The per-share price also represents a 15.2% premium over the closing trading price of $49.50 on Nov. 8.

The going-private transaction will be partly financed using proceeds from the sale of Independence Holding subsidiaries Independence American Holdings Corp. and Standard Security Life Insurance Co. of New York. These transactions are expected to close before the end of 2021.

The completion of the going-private transaction is subject to certain closing conditions, including the approval by the majority of the shares not owned by Geneve and its affiliates and the consummation of the pending sales of the company's subsidiaries.

Perella Weinberg Partners LP is financial adviser to the special committee of Independence Holding's board, while Paul Weiss Rifkind Wharton & Garrison LLP is the committee's legal adviser. Dentons US LLP is legal adviser to Independence Holding, while Davies Ward Phillips & Vineberg LLP is Geneve's legal adviser.