|Bid||0.00 x 1100|
|Ask||0.00 x 1100|
|Day's Range||17.25 - 17.86|
|52 Week Range||13.80 - 25.00|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||17.96|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The new plan from the once fast-growing insurer hit by accounting and regulatory problems cuts 40% off the price of the shares. Holders of $1 billion of the securities are affected.
AmTrust Financial Services, Inc. (“AmTrust” or the “Company”) today announced that its Board of Directors has approved the voluntary delisting of all six series of preferred stock and two series of subordinated notes from the New York Stock Exchange. The Company intends to voluntarily delist the Series A Preferred Stock (AFSI-PA) (the “Listed Preferred Stock”), the Company’s Depositary Shares representing 1/40th of a share of its Series B, C, D, E and F Preferred Stock, respectively (NYSE: AFSI-PB, AFSI-PC, AFSI-PD, AFSI-PE, AFSI-PF) (collectively, the “Listed Depositary Shares”), the Company’s 7.25% Subordinated Notes due 2055 (AFSS) and the Company’s 7.50% Subordinated Notes due 2055 (AFST) (collectively, the “Listed Subordinated Notes”, and with the Listed Preferred Stock and the Listed Depositary Shares, the “Listed Securities”).
Inc. and AmTrust Financial Services Inc. are among the growing ranks of companies whose annual shareholder reports now include artificial intelligence as a risk factor. About 55 companies mentioned AI in the risk-factor section of their annual reports filed to the Securities and Exchange Commission in 2018, more than double the approximately two dozen the prior year, according to Nick Mazing, research director at investment research platform Sentieo Inc. Risk-factor sections of SEC filings typically outline a wide range of potential problems that could arise for a business, from the impact of climate change to a downgrade in credit ratings.
Rating giant A.M. Best downgrades the ratings for AmTrust Financial (AFSI) with the outlook remaining stable. The ratings denote the company's sturdy balance sheet and its sustained operating efficiency.
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AmTrust Financial's (AFSI) new offer price of $14.75 per share in cash represents 9.3% increase over previous offer and 45% premium to the closing price on Jan 9, 2018.
Evergreen Parent, an entity formed by AmTrust's founding family, its chief executive officer and some private equity funds, will pay $14.75 per share in cash, up from its earlier offer of $13.50 per share, the insurer said. Billionaire investor Icahn, who owns a 9.4 percent stake in the company, had strongly opposed the go-private deal and sued AmTrust and the controlling family, accusing them of trying to take the insurer private at the wrong time and the wrong price. "By raising the merger price to $14.75, over $100 million of incremental value has been created for public stockholders," Icahn said on Thursday.
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The Czech-based investment company, which holds a 2.4 percent stake in AmTrust, urged shareholders to vote against the deal, citing "absurdly low valuation" of $13.50 per share. The company also cited a report from proxy adviser Institutional Shareholder Services (ISS), published on May 25, which said the valuations implied by the merger are below where the insurer's peers currently trade. AmTrust did not immediately respond to a request for comment.