Doma Holdings, Inc. (NYSE: DOMA) has announced a definitive merger agreement with Title Resources Group (TRG), a top title insurance underwriter.
The deal, pending stockholder and regulatory approval, will see TRG acquiring all outstanding shares of Doma at $6.29 each, a 43.0% premium over the closing price on March 27, 2024.
Post-merger, Doma’s underwriting and technology divisions are slated to become TRG subsidiaries, with Doma Technology LLC (formerly Doma TechCo) operating independently.
HSCM Bermuda will continue its investment in Doma through this tech-focused entity.
Key shareholders, LENX ST Investor, LLC, and Len FW Investor, LLC, collectively wielding 25% voting power, have pledged support for the merger.
Additionally, Doma has initiated a 50-day “go-shop” period to entertain superior offers, though the outcome remains uncertain.
This merger will result in Doma’s delisting from public securities exchanges, marking a new chapter for the company.
“Today’s announcement is a win for Doma’s stockholders and for both companies’ employees and customers,” said Max Simkoff, Doma CEO.
“This transaction is an important step in the growth and evolution of Doma, further strengthening us as we deploy our market-tested technology for large mortgage market participants.”
“We look forward to partnering with the Doma team and providing excellent underwriting services to Doma’s many strong agents,” Scott McCall, president and CEO of TRG, said.