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News Summary: Markel buying Alterra in $3B deal

The Associated Press

THE TRANSACTION: Insurer Markel Corp. is purchasing Alterra Capital Holdings Ltd. for nearly $3 billion in cash and stock in order to diversify its business.

THE DETAILS: Alterra stockholders will receive $10 per share in cash and 0.04315 of a Markel share for each Alterra share held. Markel said that this will give Alterra stockholders $31 per share, a 34 percent premium to the stock's closing price Tuesday.

CLOSING: The acquisition is subject to shareholder approval and is expected to be completed during the first half of next year.