United Fire & Casualty Company To Acquire Mercer Insurance Group For $28.25 Per Share In Cash
- With diversified risk profile and increased scale, combined company will market commercial and personal insurance through approximately 1,400 independent agents in 24 states
- Transaction expected to add to United Fire earnings by 2012
- Conference call regarding transaction to be held at 9 a.m. ET/8 a.m. CT on December 1, 2010
CEDAR RAPIDS, Iowa and PENNINGTON, N.J., Nov. 30, 2010 (GLOBE NEWSWIRE) -- United Fire & Casualty Company (Nasdaq:UFCS) and Mercer Insurance Group, Inc. (Nasdaq:MIGP) today announced that the companies have entered into a merger agreement. Under the terms of the agreement, United Fire will acquire all of the outstanding shares of Mercer Insurance common stock in a transaction expected to close at the end of the first quarter of 2011. Combined 2009 net written premiums for the two companies were $605 million. Both United Fire and Mercer Insurance are rated A (Excellent) by A.M. Best Co.
Mercer Insurance shareholders will receive $28.25 per share in cash, representing an aggregate transaction value of approximately $191 million. The price represents a premium of 49.8% to the closing price of Mercer Insurance common stock on November 30, 2010. The transaction is subject to customary conditions, including approval by the shareholders of Mercer Insurance and regulatory authorities. Approval of the transaction by United Fire shareholders is not required and there is no financing condition to consummate the transaction. United Fire expects to finance the transaction with a combination of available cash and bank financing.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV