Employers Mutual Casualty Co. has proposed to purchase all the outstanding common stock of its affiliate EMC Insurance Group Inc.
As the parent company, Employers Mutual Casualty currently owns approximately 55 percent of the outstanding shares of EMC Insurance Group’s common stock. The proposal provides that the shares will be purchased at a price of $30 per share in cash.
EMC Insurance Group said it has formed a special committee consisting of the company’s four independent directors to consider the proposal. The special committee will retain its own financial and legal advisors to assist it in considering the proposal.
The company’s common stock trades on the Nasdaq Stock Market under the symbol EMCI. The companies and affiliates conduct operations under the trade name EMC Insurance Companies.
Des Moines, Iowa-based parent company Employers Mutual Casualty Co. was formed in 1911. EMC Insurance Group, a downstream holding company that was formed in 1974 became public in 1982. Its subsidiaries and affiliates include Dakota Fire Insurance Co., EMC Reinsurance Co., EMCASCO Insurance Co., EMC Underwriters, Illinois EMCASCO Insurance Co., EMC Property & Casualty Co., EMC Risk Services, Union Insurance Company of Providence (R.I.) and EMC National Life Co.
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