Homeowners Choice Inc., a three-year-old homeowners insurer based in Clearwater, has dropped its bid to buy fellow insurer 21st Century Holding Co.
Fast-growing Homeowners Choice had offered about $42 million in cash and stock for 21st Century of Fort Lauderdale. The deal would have added another 35,000 homeowners' policies to the company's portfolio.
The offer expired Monday.
Homeowners Choice board chairman Paresh Patel said in a statement late Wednesday that a hostile bid will not be pursued.
"We may do so at a later date, but the current answer is no," he said.
Shares in Homeowners Choice rose more than 6 percent to close at $8.50 on Thursday.
Jeff Harrington can be reached at email@example.com or (727) 893-8242. Follow him on Twitter at twitter.com/JeffMHarrington.