American Union Insurance Co. has renewed its takeover bid for Meridian Insurance Group, offering $25 a share to acquire 50.1 percent of the Indianapolis property/casualty insurer. That’s an increase of $5 per share over the American Union offer rejected just last week by Meridian’s board, which deemed the offer “inadequate.”
The $25 a share offer is at the upper end of what some analysts think Meridian can attract. The new offer is worth about $75 million, according to documents filed Monday with the Securities and Exchange Commission. The bulk of the offer—roughly 75 percent—would come from American Union. The remaining 25 percent—about $18.7 million—would be put up by American Union head Gregory M. Shepard and his brother.
Was this article valuable?
Here are more articles you may enjoy.
Chubb, The Hartford, Liberty and Travelers Team Up on Surety Tech Launch 
Zillow Deleting Home Climate Risk Scores Reveals Limits of Flood, Fire Data 
One of Highest Property Claims Severity Recorded in Q3 on Low Volume, Says Verisk 
WTW to Acquire Newfront in Deal Worth Up to $1.3B 
