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Patriot National, Inc. (Fort Lauderdale, Fla.), a provider of technology and outsourcing solutions, today announced that the Special Committee of its Board of Directors has rejected Ebix’s most recent proposal to buy the vendor for $475 million as “not the best alternative to maximize value for Patriot National’s shareholders.
Steven M. Mariano, CEO, Patriot National.
“Neither the Special Committee nor the Board of Directors 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,” a Patriot National statement says. “The exploration of strategic opportunities may be terminated at any time and without notice.”
The statement says that Special Committee continues to evaluate other more attractive offers and all opportunities for value creation. Patriot National says it will provide a more complete update on its strategic value creation initiatives on the third quarter earnings conference call on Monday, November 14, 2016.