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EMC Insurance shareholders approve Employers Mutual deal

EMC Insurance Group Inc. shareholders voted in favor of the company's deal with Employers Mutual Casualty Co. during a Sept. 18 special meeting.

Employers Mutual will acquire EMC Insurance shares it does not already own for $36.00 apiece. EMC Insurance said the required majority of the outstanding common shares not owned by Employers Mutual, its subsidiaries, and the executive officers and directors of both parties and their respective subsidiaries voted in favor of the deal.

Holders of about 68% of the unaffiliated outstanding common shares as of Aug. 8 approved the transaction. Also, about 94% of the holders of common shares as of Aug. 8, including the approximately 54% shares already held by Employers Mutual, attended the meeting and were allowed to vote.

The transaction is anticipated to close Sept. 19.

Sandler O'Neill & Partners LP is the financial adviser, and Willkie Farr & Gallagher LLP is legal counsel to EMC Insurance's special committee, which recommended the transaction to the board. Boenning & Scattergood Inc. provided financial advice to Employers Mutual's board, while Foley & Lardner LLP is legal counsel to the company.