A spokeswoman says Michigan Gov. Jennifer Granholm is expected to sign legislation that would make it tougher for San Antonio-based Biglari Holdings Inc. to take over a west Michigan insurance company.
The legislation given final approval on a 28-8 Senate vote Tuesday requires that a perceived hostile takeover of a small insurer be approved by two-thirds of the shareholders of the targeted company, rather than by a simple majority.
It’s a narrowly tailored bill designed to protect Fremont Michigan InsuraCorp from a takeover.
Lawmakers worry that Biglari, formerly Steak n Shake Co., would dismantle Fremont or move its 75 employees out-of-state.
Biglari says it doesn’t intend to break up or move Fremont. The company says the legislation dilutes shareholder rights.
Topics Legislation Michigan
Was this article valuable?
Here are more articles you may enjoy.
Insurer Chubb Readies $350M Payout Tied to Baltimore Bridge Collapse 
Update: Fannie Mae Guidelines Raise Concerns, Could Bar ACV Coverage for Homes 
Nuclear Verdicts Surge to $14.5 Billion in 2023 – Report 
Cracks in O’Hare Columns Aren’t Insured Property Damage, Just Bad Product – Court 
