American Union Insurance Co. has renewed its takeover bid for Meridian Insurance Group, offering $25 a share to acquire 50.1 percent of the Indianapolis property/casualty insurer. That’s an increase of $5 per share over the American Union offer rejected just last week by Meridian’s board, which deemed the offer “inadequate.”
The $25 a share offer is at the upper end of what some analysts think Meridian can attract. The new offer is worth about $75 million, according to documents filed Monday with the Securities and Exchange Commission. The bulk of the offer—roughly 75 percent—would come from American Union. The remaining 25 percent—about $18.7 million—would be put up by American Union head Gregory M. Shepard and his brother.
Was this article valuable?
Here are more articles you may enjoy.
AI Savings Misses ‘Should Be Making Executives Uncomfortable,’ Bain Says 
Acrisure Goes After Former Owners of Businesses it Acquired for Leaving to Compete 
United Co-Pilot Warned Plane Was Slow, Low Before Newark Mishap 
Miami Moves to Seize Part of Posh Island After Fuel Fight 
