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Patriot National rejects $475 million offer from Ebix

Staff Writer |
Patriot National said that the Special Committee of its board has concluded that Ebix's proposal of $475 million is not the best alternative to maximize value for Patriot National's shareholders.

At the recommendation of the special committee, the board has rejected the proposal. The special committee continues to evaluate other more attractive offers and all opportunities for value creation.

Neither the special committee nor the board has made a decision to enter into any transaction or other opportunity at this time, and there are no assurances that the consideration of strategic opportunities will result in the company entering into a transaction or other opportunity.

The exploration of strategic opportunities may be terminated at any time and without notice.

Patriot National will provide a more complete update on its strategic value creation initiatives on the third quarter earnings conference call on November 14, 2016.

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