EMC Insurance announces receipt of proposal from EMCC to buy all of its shares
EMC Insurance announced receipt of a non-binding indicative proposal dated November 15, 2018 from its parent company, Employers Mutual Casualty Company, to purchase all the outstanding common stock of the company not already owned by EMCC, and the formation of a special committee of the company's board of directors to consider the proposal. EMCC currently owns approximately 55% of the outstanding shares of the Company's common stock. The proposal, which is subject to certain conditions, provides that the shares will be purchased at a price of $30 per share in cash. A copy of the proposal is included as Annex A to this news release. In response, the company's board of directors has established a special committee consisting of the company's four independent directors to consider the Proposal. The special committee intends to retain its own independent financial and legal advisors to assist it in considering the proposal.