The shareholders of The Midland Company, a provider of specialty insurance products and services, have approved the pending merger agreement, providing for the acquisition of Midland by Munich Re through its subsidiary, Munich-American Holding.
Under terms of the agreement, Midland shareholders will receive $65 per share in cash. The transaction is expected to close on or about April 3, 2008, after the satisfaction of certain remaining conditions.
Holders of Midland common stock who hold uncertificated book-entry shares may expect to receive the merger consideration within approximately seven business days of the date of the closing of the merger.
John Hayden, Midland president and CEO, said: We appreciate our shareholders’ approval of this important transaction. Their overwhelming support is a resounding affirmation of the synergies we expect to realize as a critical part of Munich Re’s plans for profitable growth in the US.