Safeco agreed to be acquired by Boston based Liberty Mutual at $68.25 per share of $6.2 billion. The deal represents 51% premium from the closing price of Safeco stock on Tuesday. Privately held Liberty Mutual will pay cash for the deal and there are no financial contingencies. Safeco, Seattle based insurer has struggled in the past five years as auto insurance premiums have declined and costs of servicing claims have risen. |
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