Ebix Offers to Buy Patriot National

Ebix Inc., an international supplier of software and e-commerce services to the insurance, financial and health care industries, has offered to acquire Patriot National Inc. Ebix announced on Wednesday that it had sent a letter to Patriot National’s board, outlining its offer to buy all of the company’s outstanding stock for $9.50 per share. The Ebix offer, based on 28.037 million diluted shares of Patriot National stock, is a 37% premium to Patriot National’s Tuesday closing price of $6.92 per share, the company said. Patriot National provides workers’ compensation ...