American Union Insurance Co. has withdrawn its offer to purchase 50.1 percent of the shares of Meridian Insurance Group Inc. effective immediately. The offer is being withdrawn, according to a Reuters news service report, because American Union was unable to structure a transaction with Meridian comparable to the proposed merger deal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.”
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