Hub acquisition on track to close June 13; shareholders approve deal

By Lisa Kerner

Charlotte, N.C., June 5 - Hub International Ltd. said its shareholders approved the acquisition of the company by Apax Partners and Morgan Stanley Principal Investments.

Shareholders will receive $41.50 per share in cash in the transaction, which is slated to close on June 13.

The plan was approved by 92.7% of the votes cast by shareholders at the meeting on Tuesday, a company news release stated.

Hub does not intend to hold an annual meeting of existing shareholders due to the timing of the special meeting and the acquisition's expected prompt closing.

On Feb. 26, the Chicago-based insurance brokerage firm originally agreed to be acquired by Apex Partners and Morgan Stanley for $40.00 per share in cash in a transaction valued at $1.8 billion. A break-up fee of 1.25% of the equity value of the transaction, or about $21 million, was included in the agreement.

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