Posted: Mar 19, 2010 9:30 AM by Bea Karnes, News First 5
The state-chartered workers' compensation insurance fund that wants to be privatized has increased its offer to the state. Pinnacol Assurance President Ken Ross said Thursday the company is offering $330 million to the state so it can go private. That's $130 million more than it offered earlier for a buyout.
The increased offer comes a week after the release of an analysis from financial-services firm Morgan Stanley that said the quasi-governmental agency was worth as much as $374 million to the state, nearly twice the amount Pinnacol had originally offered.
Lawmakers who would have to approve a buyout say any deal will probably have to wait until next year.