American Union Insurance Co. has withdrawn its offer to purchase 50.1 percent of the shares of Meridian Insurance Group Inc. effective immediately. The offer is being withdrawn, according to a Reuters news service report, because American Union was unable to structure a transaction with Meridian comparable to the proposed merger deal with a unit of State Automobile Mutual Insurance Co.
Meridian rejected a takeover offer from American Union in October, saying it planned to explore strategic alternatives, including repurchasing its shares, taking the company private, demutualizing its mutual insurance company affiliates and a “business combination.”
Was this article valuable?
Here are more articles you may enjoy.
Indiana Church Not Owed Replacement-Cost Payment for Fire Damage 
Georgia Teacher Killed When Toilet Paper Prank by Students Goes Wrong 
Fund Trying to Turn New Mexico Desert into an Advanced Tech Hub 
3 Big Questions Facing FEMA With Kristi Noem Out 
