EMC Insurance Group (EMCI) approached by Employers Mutual Casualty Company

  • November 19, 2018

POTENTIAL DEAL DETAILS

StockEMC Insurance Group IncSymbolEMCI
Date Announced11/16/2018Source Press Release
TypeUnsolicited BidAcquiring Company/Person Employers Mutual Casualty Company
Date of Confirmation: 05/09/2019Price at Confirmation: $36.00
Potential Profit: 15.20%Annualized Profit: 31.89%

Employers Mutual Casualty Company announced today that it has proposed to acquire all of the outstanding shares of common stock of EMC Insurance Group Inc. (EMCI) that EMCC does not already own for $30 per share in cash, which represents a 26% premium over EMCI’s closing stock price on Nov. 14, 2018 and almost a 13% premium to EMCI’s book value per share.

Update(s):

November 20, 2018: EMC Insurance Group Inc. (EMCI) board of directors has established a special committee consisting of the Company’s four independent directors to consider the Proposal.

January 09, 2019: The Special Committee is considering and evaluating the Proposal.  The Special Committee cautions the Company’s stockholders and others considering trading in the Company’s common stock that no decisions have been made with respect to the Company’s response to the Proposal.

May 09, 2019: Employers Mutual Casualty Company and EMC Insurance Group Inc. (EMCI) today announced that, following an extensive and thorough negotiation process conducted by an independent Special Committee of the EMCI Board of Directors, they have entered into a definitive merger agreement pursuant to which EMCC, which currently owns approximately 55% of EMCI’s outstanding shares, will acquire all of the remaining shares of EMCI for $36.00 per share in cash.

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