Munich Re acquires Midland for $1.3 billion

By Lisa Kerner

Charlotte, N.C., April 3 - Munich Re, through its subsidiary Munich-American Holding Corp., completed the acquisition of Midland Co., it was announced on Thursday.

Under the terms of the companies' agreement, Midland shareholders will receive $65 per share in cash.

On Oct. 17, Midland, a Cincinnati specialty insurance products company, agreed to be acquired by Munich Re, a Germany-based reinsurance provider. The equity value of the deal is $1.3 billion, it was previously reported. Midland shareholders approved the merger agreement in March.

Midland shares were set to be delisted from the Nasdaq Global Select Market and cease trading at the close of business on Thursday, according to Midland news release.

Prior to the merger's close, Midland said it completed the previously announced sale of all of the shares of capital stock of M/G Transport Services, Inc. and MGT Services, Inc. to an affiliate of Brooklyn NY Holdings LLC.

"We are excited to be joining the Munich Re family, a formidable player in the global insurance and reinsurance marketplace," Midland president and chief executive officer John W. Hayden said in the release.

"We believe that our solid business platform and the synergies between our organizations will provide us with a bright future in the years ahead."

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