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November 19, 2012
12:26 EDTSBXSeaBright shareholders approve merger with Enstar Group Limited
SeaBright Holdings (SBX) announced that SeaBright's stockholders, at a special meeting of stockholders held earlier, approved the proposal to adopt the previously announced merger agreement, dated as of August 27, among Enstar Group Limited, AML Acquisition, Corp., an indirect wholly owned subsidiary of Enstar, and SeaBright, under which Enstar has agreed to acquire SeaBright for $11.11 per share in cash. Of the shares voted at the special meeting, approximately 99.8% were voted in favor of the adoption of the merger agreement, which represented approximately 69.0% of the total outstanding shares of common stock of SeaBright as of the October 15 record date. A quorum of approximately 69.2% of SeaBright's total outstanding shares of common stock as of the record date were voted by proxy or in person. The consummation of the merger remains subject to the satisfaction or waiver of the closing conditions set forth in the merger agreement, including obtaining governmental and regulatory approvals. It is currently expected that the merger will close in the fourth quarter or the first quarter of 2013.
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