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Smart Employee Benefits (OTCQB: SEBFF) (TSXV: SEB) Enters Into Agreement to be Acquired by Co-Operators Financial Services for C$89.1 Million

Smart Employee Benefits, Inc. (OTCQB: SEBFF) (TSXV: SEB) is engaged as an insurance technology company, which is focused on employee benefit solutions and tech services. The company manages and operates mission critical business processes for over 150 corporate and government clients around the world. Shares of the insurtech company are soaring 69% through afternoon trading on Wednesday, January 4, 2023. Over the past thirty days, Smart Employee Benefits has seen average daily volume of 6,463 shares. However, volume of 3.53 million shares or dollar volume of around $759,656, has already exchanged hands through afternoon trading.

Shares of Smart Employee Benefits are rallying after the company announced it has entered into an arrangement agreement with Co-Operators Financial Services Limited, a wholly-owned subsidiary of The Co-Operators Group Limited. Under the terms of the agreement, Co-Operators will acquire all issues and outstanding common shares of Smart Employee Benefits at a price per SEB share of C$0.30. This gives the transaction a total value of C$89.1 million, which represents a 76% premium compared to its closing price on December 30, 2022.

Smart Employee Benefits has appointed a special committee of independent directors to help the company consider the deal, as well as any potential alternatives that may be available. After consulting the special committee and outside legal advisors, Smart Employee Benefits received a unanimous recommendation the transaction. The Co-Operators board has also unanimously approved the transaction as well.

The transaction is estimated to close during the first quarter of 2023 and is subject to customary closing conditions. SEB shareholders will be receiving an information circular with regards to the SEB Special Meeting. Upon closing of the transaction, SEB will continue to operate as a stand-alone entity.

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The post Smart Employee Benefits (OTCQB: SEBFF) (TSXV: SEB) Enters Into Agreement to be Acquired by Co-Operators Financial Services for C$89.1 Million appeared first on Spotlight Growth.

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