Shareolders of The Commerce Group, Inc. voted at a special meeting this week to approve the Oct. 30, 2007 agreement for the acquisition of the company by Mapfre S.A.
The company said 88 percent voted to approve the deal.
Completion of the merger remains subject to the receipt of regulatory approvals in Massachusetts, as well as California, New York and Ohio.
At present, Commerce and Mapfre officials expect the merger to occur late in the first quarter or early in the second quarter of 2008.
When the merger is completed, each holder of Commerce common stock at the time of the merger will be entitled to receive $36.70 in cash, without interest and less any applicable withholding taxes, for each share of Commerce common stock.
Source: The Commerce Group, Inc.
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