James River Group, Inc. stockholders have overwhelmingly
approved the acquisition of the company by a Bermuda-based holding company and member of the D. E. Shaw group, a global investment management firm.
The company reported that more than 84 percent of the company’s outstanding shares of common stock were voted on the merger proposal at the meeting, and more than 99 percent of these votes were in favor of the acquisition.
Upon the closing of the transaction, stockholders will receive
a cash payment of $34.50 per share, with the value of the transaction totaling approximately $575 million.
The company expects that the transaction will be completed in early December 2007.
James River Group, Inc. is an insurance holding company that primarily owns and manages specialtyproperty/casualty insurance companies. Founded in September 2002, the company currently underwrites in two specialty areas: excess and surplus lines in 48 states, the U.S. Virgin
Islands and the District of Columbia; and workers’ compensation, primarily for the residential construction industry in North Carolina and Virginia.
Source: James River