Mergers & Acquisitions | | Deal Overview | | Buyer: Unitrin, Inc. | | Actual Acquirer: Trinity Universal Insurance Company | | Target: Direct Response Corporation | | Deal Type: Insurance Company | | Insurance Sector | Property & Casualty | | Announcement Date | 8/29/2008
 | | Announced Deal Value ($M) | 220.0
| | Announced Deal Value, As Reported ($M) | 220.0 | | Status | Completed | | Announced Deal Value Per Share ($) | NA | | Completion Date | 2/13/2009 |
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| | | Consideration Breakout | | Cash ($M) | 201.6 |
| | | Deal Pricing Ratios | | | Announcement | Completion | | Price / Earnings (x) | NA | NA | | Price / Book (%) | NA | NA | | Price / Statutory Net Income (x) | NM | NM | | Price / Capital & Surplus (%) | 289.0 | 289.2 | | Price / Net Premiums Written (x) | 3.18 | 1.31 |
| | | Deal Terms | | Description of Consideration | | Unitrin Inc. paid approximately $201.6 million in cash, subject to certain adjustments, to acquire Direct Response Corp. Target's statutory financials are for Response Indemnity Company of California, Response Insurance Co., National Merit Insurance Co., Response Worldwide Insurance Co., Warner Insurance Co., Response Worldwide Direct Auto Insurance Co. and Response Indemnity Co. (combined). | | Percent Acquired (%) | 100.00 | | Purchase Method? | Acquisition | | Merger of Equals? | No | | Estimated Cost Savings (%) | NA | | Estimated Cost Savings ($000) | NA | | Est. Restructuring Charges ($000) | NA |
| | | Deal Advisers - Financial Advisers | | Party Advised | Adviser Hired? | Firm Name | | Buyer | No | NA |
| Deal Advisers - Legal Counsel | | Party Advised | Adviser Hired? | Firm Name | | Buyer | Yes | Foley & Lardner LLP | | Seller | Yes | Davis Polk & Wardwell LLP |
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