White Mountains sues Allstate for trimming Esurance price
White Mountains is suing Allstate for allegedly lowering the
final purchase price for Esurance inappropriately when the firm was
sold to Allstate in mid-2011.
The lawsuit, filed yesterday (17 September) relates to the $1bn
sale of Esurance, an online provider of auto insurance quotes, last
year and a final purchase price adjustment clause in the
transaction agreement.
Allstate was obliged under the clause to make an estimated payment
linked to Esurance's tangible book value at close. This was
then to...
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