NEW YORK (Thomson Financial) - Hallmark Financial Services Inc. Tuesday
reaffirmed its proposal to buy all outstanding shares of Specialty Underwriter's
Alliance Inc. in a stock-for-stock deal valued at $6.50 a share.
The company said the offering price represented a 37% premium to Specialty
Underwriter's share price on June 13, the last trading day prior to Hallmark's
initial written proposal. On June 26, Specialty Underwriter's rejected
Hallmark's offer.
In early morning trading Tuesday, shares of Specialty Underwriter's fell
2.3% to $5.25, while Hallmark shares rose 1.3% to $9.80.
Ryan Vlastelica
rv/vj
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