Meadowbrook Insurance, ProCentury get regulatory approvals for merger

By Jennifer Chiou

New York, July 24 - Meadowbrook Insurance Group, Inc. announced that it received all required regulatory approvals necessary for its merger with ProCentury Corp.

ProCentury shareholders will be entitled to receive $20 in cash or Meadowbrook common stock with a value of $20, subject to proration.

The exchange ratio for ProCentury's shares exchanged for Meadowbrook shares will be 2.5.

The deadline for ProCentury holders to submit their election forms is 5 p.m. ET on July 30.

The closing on the transaction is scheduled for July 31.

On July 14, shareholders of both companies approved the merger.

As previously reported, Meadowbrook will acquire ProCentury in a transaction valued at about $272.6 million. The companies announced plans to merge in February.

Once the merger is complete, the newly combined company will operate under the Meadowbrook name and will continue to trade on the New York Stock Exchange under the ticker symbol "MIG," according to a prior news release.

The information agent is the Altman Group (800 499-6377).

Meadowbrook is a risk management services provider located in Southfield, Mich.

ProCentury is a specialty property and casualty insurance holding company based in Columbus, Ohio.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.