Patriot National Net Income Up in Q2 as Decision Looms on Sale to Ebix

Patriot National Inc. has reported second quarter net income of $14.2 million, up from $1.02 million in the prior-year quarter, as the company moves closer to deciding on a sale to Ebix Inc. In June, Ebix said it had offered to buy all of Patriot National’s outstanding stock for $9.50 per share, based on 28.037 million Patriot National diluted shares outstanding. The offer was a 37% premium to Patriot National’s closing share price of $6.92 on June 14. On Aug. 1, Ebix boosted its bid, offering to acquire all the outstanding stock of the Patriot National for $475 million. The offe...