Fremont Michigan InsuraCorp Inc. a Michigan-exclusive property and casualty insurance carrier with headquarters in Fremont, Mich., has rejected an unsolicited proposal from the Steak n Shake Company seeking to acquire control of the company.
Fremont said that after its board of directors reviewed of the proposal, it unanimously concluded that the Steak n Shake proposal should be rejected and that execution of the sompany’s current strategic plans represents a better long-term value for its shareholders.
“We believe this hostile takeover attempt is not in the best interest of Fremont, our shareholders, our policyholders or the Fremont community,” said Richard E. Dunning, president and CEO of Fremont, in statement released by the company.
Philo Smith & Co. is acting as Fremont’s financial advisor and the law firm of Honigman Miller Schwartz and Cohn LLP is acting as Fremont’s legal advisor.
Source: Fremont Michigan InsuraCorp Inc., http://www.fmic.com.
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