EMC Insurance shareholders approve transaction with Employers Mutual Casualty
EMC Insurance Group announced that the required majority of the outstanding common stock not owned by Employers Mutual Casualty Company, its subsidiaries and the executive officers and directors of EMCI, EMCC and their respective subsidiaries have voted in favor of the proposed acquisition of all of the shares of EMCI which EMCC does not currently own for $36.00 per share in cash. At the September 18, 2019, EMCI Special Meeting of Shareholders, holders of approximately 68% of the unaffiliated outstanding shares of common stock as of the August 8, 2019 record date for the Special Meeting voted in favor of the transaction. Also, approximately 94% of the holders of shares of common stock as of August 8, 2019 present at the meeting and entitled to be cast, including the approximately 54% of shares already held by EMCC, voted in favor of the transaction. The transaction is expected to close on September 19, 2019, subject to the satisfaction of customary closing conditions.