Shareholders of Fremont Michigan InsuraCorp Inc. have approved the previously announced merger agreement with Auto Club Insurance Association.
Based upon the preliminary tally of shares voted at the special meeting of shareholders, 1,358,246, or 76.1 percent, of the outstanding voting shares of Fremont voted in favor of the approval and adoption of the merger agreement. A total of 1,389,169 shares were voted at the meeting, representing 77.8 percent of Fremont’s outstanding voting shares.
The merger is expected to close on Aug. 1, 2011. Following the closing of the merger, Fremont’s shareholders will be entitled to receive $36.15 per share in cash.
Fremont announced in January that it would explore a broad range of strategic alternatives to enhance shareholder value after rebuffing a number of takeover bids by Texas-based Biglari Holdings Inc.
Topics Mergers & Acquisitions Auto Michigan
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