BOSTON (AP) -- Liberty Mutual Group said Wednesday it has agreed to acquire publicly traded Safeco Corp. and take it private in an all-cash, $6.2 billion deal to create the nation's fifth-largest property and casualty insurer.Boston-based Liberty Mutual and Seattle-based Safeco said the boards of both companies approved the deal, which is subject to approval by Safeco shareholders as well as regulators.
Liberty Mutual, which is owned by its policyholders, offered $68.25 per share for Safeco, a 51 percent premium to Safeco's Tuesday closing price of $45.23 per share.
On Wednesday, Safeco's shares soared $21.02, or more than 46 percent, to $66.25, in morning trading.
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