James River Group, an insurance holding company, has announced that its stockholders have approved the acquisition of the company by a Bermuda-based holding company and member of the D. E. Shaw group, a global investment management firm.
Over 84% of the company’s outstanding shares of common stock were voted on the merger proposal at the meeting, and over 99% of these votes were in favor of the acquisition. Upon the closing of the transaction, stockholders will receive a cash payment of $34.50 per share, with the value of the transaction totaling approximately $575 million. The company expects that the transaction will be completed in early December 2007.