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.
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