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A hostile takeover is unlikely. Wahington State has laws in place making such action very difficult. Although designed to protect Boeing, they benefit Safeco as well. In addition, such action must be approved by the state Insurance Commisioner.

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If the premium is high enough, the stockholders will force it. Even if the board/company successfully resists the first one, it better perform quickly or the second attempt will succeed.

LJK
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