Meadowbrook Insurance Group, Inc. Shareholders Approve Acquisition By Fosun International Limited
27 Apr, 2015, 04:01 ET
SOUTHFIELD, Mich., April 27, 2015 /PRNewswire/ -- Meadowbrook Insurance Group, Inc. (NYSE: MIG) announces that at the annual meeting of shareholders today, shareholders of Meadowbrook Insurance Group, Inc. formally approved the pending acquisition of Meadowbrook by Fosun. Upon completion of the transaction, each share of Meadowbrook common stock will convert into the right to receive $8.65 in cash (subject to applicable withholding taxes).
Commenting on the pending acquisition, Robert S. Cubbin, President and Chief Executive Officer, stated: "The acquisition of Meadowbrook will enable Fosun to establish a significant presence in the U.S. P&C market. We believe that combining with Fosun further strengthens our capital base as we focus on supporting the needs of our customers, partners and employees, improving our underwriting performance and driving profitability. This transaction is the culmination of a thorough strategic review process to maximize shareholder value."
Mr. Cubbin continued, "We believe this is a positive outcome for our shareholders, who will receive significant value; for our employees, who will benefit from enhanced opportunities as part of a larger, global organization; and our customers, partners and policyholders, who will benefit from an even stronger specialty risk, insurance and service provider."
The transaction remains subject to regulatory approvals (including insurance regulatory approvals in the states of California, Michigan, Missouri and Ohio) and customary closing conditions, and the companies expect the acquisition will most likely be completed during the second half of 2015.
About Meadowbrook Insurance Group
Meadowbrook Insurance Group, Inc., based in Southfield, Michigan, is a leader in the specialty program management market. Meadowbrook includes several agencies, claims and loss prevention facilities, self-insured management organizations and six property and casualty insurance underwriting companies. Meadowbrook has twenty-eight locations in the United States. Meadowbrook is a risk management organization, specializing in specialty risk management solutions for agents, professional and trade associations, and small to medium-sized insureds. Meadowbrook Insurance Group, Inc. common shares are listed on the New York Stock Exchange under the symbol "MIG". For further information, please visit Meadowbrook's corporate web site at http://www.meadowbrook.com.
SOURCE Meadowbrook Insurance Group, Inc.
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