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.
California Smoke Damage Act Would Enable Wildfire Victims to Expedite Claims 
New York’s Mid-Hudson Insurance to Acquire Hanover Fire of Pennsylvania 
Kansas Man Sentenced for Insurance Fraud, Forgery 
Gun Accessory Company to Pay $1.75 Million to Buffalo Supermarket Shooting Victims 
