Michigan-based MEEMIC Holdings, Inc. reported that the lawsuit filed by shareholder David Osher against the company, its directors and ProAssurance Corporation, that sought to enjoin the company’s privatization plan, has been dismissed with prejudice by the court.
MEEMIC writes personal auto, homeowners, boat and umbrella coverages primarily to teachers and other educational employees through its wholly-owned subsidiary MEEMIC Insurance Company. In July its Board of Directors approved a tender offer at a price per share of $29.00 to shareholders, in a plan to see all company shares owned by a subsidiary of ProNational Insurance Company. Osher filed suit to block the plan.
MEEMIC’s announcement indicated that, “The plaintiff agreed to dismiss the lawsuit with prejudice, and the court approved the dismissal on September 11, 2002. No payments of any kind were made by the company, its directors or ProAssurance to plaintiff or his counsel to obtain the dismissal of the case.”
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