North Palm Beach, Fla.-based AmCOMP Inc. received stockholder approval for Employers Holdings Inc. to acquire AmCOMP.
Approval required a vote of at least a majority of AmCOMP’s outstanding shares of common stock. Of the shares voted, over 99 percent voted in favor of the adoption of the merger agreement.
In accordance with the terms of the merger agreement, the closing of the merger is expected to take place on Oct. 31. Upon closing, each issued and outstanding share of AmCOMP common stock will be converted into the right to receive $12.15 in cash, without interest. At the same time, AmCOMP will become a wholly owned subsidiary of Employers Holdings Inc. and its shares of common stock will cease to be listed on The Nasdaq Global Select Market.
Source: AmCOMP Inc.
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