Hub International to hold special stockholders meeting June 5 for acquisition vote

By Lisa Kerner

Charlotte, N.C., May 2 - The Ontario Superior Court of Justice approved a special meeting of Hub International Ltd. shareholders on June 5 in connection with Hub's proposed acquisition by Apax Partners and Morgan Stanley Principal Investments.

Meeting materials, including the proxy statement, will be mailed on May 7, the company said in a news release.

Hub does not intend to hold an annual meeting of existing shareholders due to the timing of the special meeting and the acquisition's expected prompt closing.

On Feb. 26, the Chicago-based insurance brokerage firm agreed to be acquired by Apex Partners and Morgan Stanley for $40 per share in cash in a transaction valued at $1.8 billion. The company's board unanimously approved the deal and recommended that shareholders do the same.

A break-up fee of 1.25% of the equity value of the transaction, or about $21 million, is including in the agreement.

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