Safeco Gets Upgrade by J.P. Morgan Amid Acquisition by Liberty Mutual
J.P. Morgan Securities upgraded Safeco Corp to "neutral" from "underweight," citing the likelihood of the acquisition of the insurer by Liberty Mutual Group going forward.
Auto and home insurer Liberty Mutual has agreed to buy property and casualty insurer Safeco for $6.2 billion.
"We are reasonably comfortable that the acquisition will be completed because the offer was a mutually-negotiated transaction and the price appears high enough to deter further bidders, either private or public," JP Morgan said in a research note.
Published on April 28, 2008
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