Fremont Michigan Evaluating Options after Revised Biglari Holdings Offer

Fremont Michigan InsuraCorp Inc., a Michigan-exclusive property and casualty insurance carrier, says it is evaluating a revised unsolicited offer from Biglari Holdings Inc. to take over the company.

Fremont confirmed that it has received the revised proposal from Biglari Holdings Inc. seeking to acquire the remaining shares of Fremont that it does not already own at a revised offer price of $31.00 per share.

Fremont’s board of directors previously established a special committee to consider the prior offer and will include this new information as it continues to evaluate the offer.

The special committee disclosed that it retained Philo Smith Capital Corporation as its financial advisor to explore a broad range of strategic alternatives to enhance shareholder value. These alternatives include, but are not limited to, a revised business plan, operating partnerships, joint ventures, strategic alliances, acquisitions, exchange listing applications, a recapitalization, and the sale or merger of Fremont.

Neither Fremont nor the special committee has set a definitive timetable for completion of its evaluation and there can be no assurances that the process will result in any transaction being announced or being completed.

Fremont does not intend to disclose developments regarding this process unless and until the board of directors has approved a specific transaction.

Source: Fremont Michigan InsuraCorp Inc.

Topics Legislation Michigan